UK electric motor specialist Saietta Group has announced its listing on the London Stock Exchange’s AIM market, that is expected to raise gross proceeds of £37.5m with an approximate market capitalisation of £102.1m at the issue price.
The IPO will provide the Oxfordshire-based firm with the capital to execute its growth plans, including establishing a motor durability testing facility and expansion of a pilot production facility, which will increase the company’s European production capacity to 100,000 units per annum.
Saietta Group’s Axial Flux Technology (AFT) unit is modular in design, meaning high and low voltage e-motor solutions can be provided from scooters to buses.
The AFT 140 is the first motor variant in production which is optimised for mid-power motorbikes and last mile delivery vehicles.
Wicher Kist, chief executive officer at Saietta Group, said, “We have been greatly encouraged by the very positive reaction to our IPO which attracted support from a range of blue chip institutions. It puts us in a strong position to deliver our exciting strategy.
“Although the motor industry has focused on the electrification of the passenger car segment, Saietta has taken a contrarian view and focused on high volume, high growth markets. We have taken high end, high performance technology and redeveloped it for low-cost, mass production giving our AFT motors potential across a wide range of EV applications.”
Kist believes the company is uniquely positioned to disrupt the Asian lightweight motorbike market which is expected to dominate demand for motorbikes – global annual motorbike sales are independently forecast to increase to about 100 million by 2030, 40% of which are expected to be electric.
He said, “We are aiming to capture a material proportion of the rapidly expanding electric motorbike market.”