TIDMSED
RNS Number : 0432V
Saietta Group PLC
03 April 2023
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 which forms part of UK
law by virtue of the European Union (Withdrawal) Act 2018
("MAR").
Monday 3 April 2023
Saietta Group Plc
("Saietta", the "Company" or the "Group")
Commercial Update
US Urban Delivery Manufacturer Places c.GBP5 million Order for
3,000 eDrives
Saietta Group Plc (AIM: SED), the multi-national business which
designs, engineers and manufactures complete light duty and heavy
duty eDrive systems for electric vehicles, today announces it has
received an order for 3,000 eDrive units from its existing US
customer, AYRO Inc ("AYRO").
Highlights
-- Saietta has received an order for 3,000 bespoke eDrive units
from AYRO, an established US designer and manufacturer of urban
delivery vehicles
-- Delivery of eDrive systems to commence in Q3 2023 and
production is expected to take place in batches, with the final
batch scheduled for delivery in Q4 2024
-- Manufacturing of the eDrive systems will be undertaken in the
UK at the Company's specialised EV motor manufacturing facility in
Sunderland
-- The order is expected to be worth over GBP5 million in
revenues to Saietta throughout the life of the contract,
underpinning a proportion of the Company's existing revenue
expectations for the financial year to 31 March 2024
Saietta has secured an order from AYRO to supply 3,000 electric
drive (eDrive) systems from Q3 2023 which have been specifically
designed to be fitted to a new electric urban delivery vehicle
being launched later this year. The eDrive units will be produced
in the UK at Saietta's plant in Sunderland.
AYRO is a NASDAQ-listed, US designer and manufacturer of
electric, purpose-built delivery vehicles and solutions for micro
distribution, micromobility and last-mile delivery. The contract
represents Saietta's further expansion into the global final mile
delivery market, a market which is projected to grow almost 16%
CAGR and by $165.6bn by 2027(1) .
Saietta will be the exclusive eDrive provider for AYRO's new
AYRO Vanish and the Company is hopeful of securing follow-on orders
upon delivery of the first 3,000 units.
Over the last 12 months, Saietta has worked closely with AYRO to
design, engineer, test and validate a bespoke eDrive which is
intended to deliver class-leading performance and high efficiency
on urban duty cycles for the new AYRO Vanish.
Tony Gott, Executive Chairman of Saietta, commented:
"This contract with AYRO is a significant milestone for Saietta
giving us further presence in the US market and confirming that
there is clear demand for our products and services around the
world in the fast-growing, final mile delivery vehicle sector.
"The order is further validation of our strategy to extend our
product offer to encompass complete eDrive systems and focus on
large-scale opportunities with OEMs, working with them to
seamlessly integrate our bespoke solutions into their
zero-emissions vehicles."
Tom Wittenschlaeger, Chief Executive Officer of AYRO,
commented:
"Over the last year, we have been impressed by Saietta's
innovation, flexibility and engineering pace. As we approach the
start of production for the revolutionary new AYRO Vanish, Saietta
is the natural eDrive partner for AYRO. We believe that their
eDrive solution, amongst numerous other class-leading innovations,
will put us best-in-class in our segment."
(1) Technavio - Last Mile Delivery Market by Service,
Application, and Geography - Forecast and Analysis 2023-2027
Ends
For any further enquiries, please contact:
Saietta Group via FTI
Anthony (Tony) Gott, Executive Chairman
Steven Harrison, Chief Financial Officer
Canaccord Genuity (Nomad and Broker)
Henry Fitzgerald-O'Connor / Patrick Dolaghan 0207 523 8000
FTI Consulting (Financial PR advisor) Tel: +44 (0) 20 3727
Ben Brewerton / Dhruv Soni 1000
saietta@fticonsulting.com
About Saietta
Listed on the London Stock Exchange's AIM, Saietta is a
multi-national business which designs, engineers and manufactures
complete electric drive (eDrive) solutions for use in lightweight
vehicles including scooters, motorbikes, rickshaws and urban
delivery vehicles.
Saietta's breakthrough electric motor technologies include
proprietary AFT (Axial Flux Technology) and RFT (Radial Flux
Technology) which can be combined with in-house power electronics,
powertrain controls, mechanical axles, and transmissions.
Developing tailored electric powertrain solutions to deliver
competitive advantage, Saietta's turnkey engineering services are
designed to fast-track electric vehicle development from concept to
start of production. For more information, visit
https://www.saietta.com/
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