Saietta Group, the UK-based company that has developed the innovative Axial Flux Technology (AFT) electric motor, has announced its listing on the London Stock Exchange’s AIM market, raising expected gross proceeds of 37.5 million pounds sterling (Rs 340 crore) with an approximate market capitalisation of £102.1 million (Rs 924 crore) at the issue price.
Saietta’s admission to AIM on 7 July will be an important step in the company’s continuing development and will support the acceleration of its commercial progression to mass production of the proprietary AFT electric motor for a range of global market applications.
The IPO will provide 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.
As governments and vehicle manufacturers scramble to decarbonise and develop new electric vehicles (EVs), there is a significant and growing demand to make EV technology more accessible. Affordable electric propulsion and battery systems are key to reducing EV cost and enabling widespread adoption. This is an essential step for many emerging economies and cities that are gripped by chronic air pollution, especially in Asia.
In early May 2021, Saietta announced a partnership agreement with Padmini VNA, one of India’s premier Tier 1 automotive suppliers. The commercial agreement will see Padmini partner Saietta to develop new opportunities in India’s fast-growing electric two-wheeler market.
Saietta's Axial Flux Technology is designed to deliver the power and torque required by 100cc+ two-wheelers at just 48V-120V. The company has partnered Padmini VNA for its entry into the Indian market.
The AFT 140 is the first motor variant in production which is optimised for mid-power motorbikes and last mile delivery vehicles. The unique AFT design provides class-leading performance with high torque density at low voltage and is particularly efficient on urban duty cycles. AFT has been rigorously designed for high automation in volume production meaning AFT cost effectively delivers class-leading performance for the L-Category target market.
Wicher Kist, chief executive officer at Saietta Group plc, commented: “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.
“We believe we are 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 circa 100 million by 2030, 40% of which are expected to be electric. We are aiming to capture a material proportion of the rapidly expanding electric motorbike market.”