Equipmake Holdings - Bus Repowering Contract & Proposed c.£4m Fundraise
12/02/2024 13:00
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RNS Number : 8445C Equipmake Holdings PLC 12 February 2024
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR").
Equipmake Holdings plc
("Equipmake" or the "Company")
Bus Repowering Contract Signed with Golden Tours
Proposed fundraise of approximately £4m
Equipmake, the UK-based engineering specialist pioneering the development and
production of electrification products across the automotive, aerospace, bus,
coach and off-highway industries, is pleased to announce that the Company has
secured a contract for £2,000,000 with Golden Tours to repower a number of
its tour buses with the Company's integrated zero emission drivetrain, that
includes Equipmake's motor, control systems, inverter, HVAC and battery pack.
The contract increases Equipmake's current order book to £13.1 million.
Golden Tours was established in 1984 and specialises in London sightseeing and
UK tourism, providing high quality tours around the capital and day trips to
popular UK locations such as Stonehenge and Bath. Golden Tours has an
established partnership with internationally renowned Gray Line Association,
the largest sightseeing tour company globally, and is a preferred partner of
Warner Bros. Studio Tour London.
The Company expects to deliver all the repowers under the contract with Golden
Tours in FY25.
The Company intends to raise c.£4m to support the Company's international
expansion plan and for the investigation and pipeline development of
opportunities in the United States of America. Further details will be
included in a separate announcement, following this announcement, today.
Commenting on the contract, Ian Foley, CEO, Equipmake said: "Golden Tours is a
leading tour and activity company in London and across the UK, with high
profile partnerships including the Gray Line Association, Warner Bros. Studio
Tour London, amongst many others. We are delighted to announce our first
contract with Golden Tours and we are confident that our integrated zero
emission drivetrain system will provide material benefits for the group by
extending the lifespan of these vehicles and also increasing the reliability
of the buses by a significant margin."
**ENDS**
For further information, please contact:
Equipmake Via St Brides Partners
Ian Foley, Founder and CEO
Steven McGillivray, CFO
Panmure Gordon (Corporate Adviser & Joint Broker) Tel: +44 (0) 20 7886 2500
James Sinclair-Ford / Freddie Twist
Hugh Rich / Sam Elder
VSA Capital Limited (Joint Broker)
Simon Barton / Simba Khatai / Alex Cabral Tel: +44 (0) 20 3005 5000
St Brides Partners (Financial PR Adviser) Tel: +44 (0) 20 7236 1177
equipmake@stbridespartners.co.uk
Susie Geliher / Paul Dulieu
About Equipmake
Equipmake is the UK-based engineering specialist pioneering the development
and production of electrification products which are used across the
automotive, aerospace and other sectors in support of the transition from
conventional fossil-fuelled to zero-emission powertrains.
Equipmake produces ultra-high performance electric motors and complete EV
drivetrains and ultra-fast power electronic systems. As well as developing
proprietary technology - such as an ultra-compact, lightweight high
performance spoke motor - it also offers bespoke R&D solutions.
Equipmake has developed a vertically integrated solution providing fully
bespoke solutions. The Company has built a significant pipeline of
opportunities, as demand for electric vehicles increases as part of the global
decarbonisation movement.
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