Saietta Group, the UK-based specialist in high-tech advanced e-mobility propulsion, has announced strong first half-year sales and profit performance that further boosts the company’s growth trajectory.
Sales revenue for the six months to 30 September 2021 increased to £795,000, up from £56,000 from the first half of 2020. Saietta’s gross profit for the six-month period to 30 September 2021 followed the steep growth in sales that the company realized, achieving £437,000.
Saietta’s results coincide with it being the busiest period in the company’s history. It also keeps the high-tech e-mobility developer on track to meet full-year objectives by the end of March 2022.
“Saietta has made really important progress this year and we remain well-placed to continue our future growth and expansion,” said Wicher Kist, Chief Executive Officer at Saietta. “Our mantra is to take electric vehicle manufacturers ‘further, faster’ towards start of production.”
“We have demonstrated that Saietta can reduce electric drivetrain costs without diminishing performance – something that is essential if electric vehicles (EVs) are to become more accessible for mass market consumers. In line with that, we have continued to grow our range of advanced Axial Flux Technology (AFT)™ motors and we can now address a wider range of vehicle platforms from lightweight applications through to commercial vehicles.”
Stellar year, tie-up with India’s Padmini VNA
Saietta’s performance over the first six months of this financial year caps a remarkable year for the e-mobility tech specialist.
The first major corporate announcement of the year by Saietta was in May 2021 when it announced a landmark partnership with Padmini VNA, one of India’s premier Tier 1 automotive suppliers.
Saietta’s innovative AFT electric motors are an ideal propulsion solution for the electrification of the Indian 100cc+ two-wheeler market. The relationship with Padmini has matured from a commercial collaboration agreement into a full JV and is focused on developing new and exciting opportunities within India’s fast-growing electric two-wheel market, which accounted for just over 21 million units sold in 2019. Analysts predict significant further growth over the next five years, and a big part of that expansion will be driven by the Indian government’s clear focus on zero-emissions mobility for mega-cities.
In July, Saietta successfully listed on LSE’s AIM market, raising expected gross proceeds of £37.5 million with an approximate market capitalisation of £102.1 million at the issue price. Saietta’s admission to AIM is an important step forward in the company’s continuing development, supporting the acceleration of its commercial progression to mass production of the proprietary AFT electric motor for a range of global market applications.
The IPO also provided Saietta with the capital to execute its growth plans, including establishing a motor durability testing facility and contributing to the expansion of a pilot production facility, which will increase the company’s European production capacity to 100,000 units per annum by 2024.
In November, Saietta acquired e-Traction, a leading supplier of electric drivetrains and high voltage power electronics, and launched Propel, a new electric marine propulsion solutions brand.
The 100% acquisition of e-Traction from Evergrande New Energy Vehicle Group accelerates Saietta’s growth strategy by adding new commercial and technical capabilities and an established power electronics production facility in the Netherlands.
The takeover of e-Traction, supplier of electric drivetrains for heavy goods vehicles and buses, as well as a producer of high voltage power electronics, including inverters and control systems, further advances the development and commercial deployment of Saietta’s AFT electric motor designs. Importantly, e-Traction brings additional product variants into Saietta’s portfolio – encompassing complementary power electronics and heavy-vehicle drivetrains.
The addition of e-Traction’s e-axle technology in particular complements the work already done by Saietta on its high-voltage AFT 190 electric motors. As a complete e-powertrain package, this extends the application range of Saietta from scooters to buses and will help to bring affordable electric propulsion to places gripped by chronic air pollution – one of the company’s founding business goals.
“In just a short amount of time – the last 12 months – we have achieved a lot,” added Kist. “We remain dedicated in democratising the transition to mass market electrification. This includes making the EV revolution accessible to millions of people around the world, supporting high-growth economies to achieve carbon reduction targets, and contributing to reducing air pollution in large cities.”