3 Apr 2023 07:00
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.£5 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 £5 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 20271.
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 Anthony (Tony) Gott, Executive Chairman Steven Harrison, Chief Financial Officer | via FTI |
Canaccord Genuity (Nomad and Broker) Henry Fitzgerald-O'Connor / Patrick Dolaghan | 0207 523 8000 |
FTI Consulting (Financial PR advisor) Ben Brewerton / Dhruv Soni | Tel: +44 (0) 20 3727 1000 saietta@fticonsulting.com
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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/