(Alliance News) - Bicester, England-based Saietta Group PLC on Monday said it has made progress since its initial public offering in July in its core focus of the lightweight mobility market.
The axial flux electric motor technology developer said it is starting the planned expansion of its UK production and testing capabilities and has opened up access to a new market segment with "significant" potential.
Saietta said it has been working with Electric Assisted Vehicles Ltd and has agreed to be the exclusive supplier of in-wheel traction motors to EAV's proposed lightweight inner-city vehicle. It expects to derive revenue from this exclusive supply contract, royalty income and conditional volume-based production scale up project fees, as well as certain other potential revenue streams.
Meanwhile, Saietta's marine division has achieved its target of commencing in-water testing of its first prototype e-outboard motors.
Saietta said it is continuing talks with a range of Chinese original equipment manufacturers with regards to offering a China domestic regional licence for tender during the remainder of 2021.
In response to significant industry interest, Saietta said it has started operations in the high-performance car market segment. The company is developing a production-ready 800 volt high performance motor with a target launch in the summer of 2022.
"The rapid progress since we revealed our range of axial flux technology motors late last year has been maintained with commercial, product and research and development progress continuing on all fronts," said Chief Executive Wicher Kist.
AIM-listed Saietta shares were trading 17% higher in London on Monday at 230.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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