REG - Saietta Group PLC - US Manufacturer Places Order for 3,000 eDrives

SaiettaAnnouncement

03/04/2023 07:15

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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.£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 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)           0207 523 8000

 Henry Fitzgerald-O'Connor / Patrick Dolaghan
 FTI Consulting (Financial PR advisor)          Tel: +44 (0) 20 3727 1000

 Ben Brewerton / Dhruv Soni                     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/ (https://www.saietta.com/)

 

 

 

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