Saietta Group PLC (AIM:SED, FRA:8ZM) has noticed a surge in popularity since its IPO in July, having received lots of industry interest in its AFT technology in recent weeks.
The electric motor developer has started the planned expansion of its UK production and testing capabilities as well as continuing discussions with Chinese firms to offer a China domestic regional licence for tender during 2021.
WATCH: Saietta Group thunderbolt onto AIM with goals to tackle motor pollution in Asia
Remaining in Asia, it’s progressing legal documents to establish a joint venture with Padmini VNA to address the lightweight mobility sector in India.
Saietta has also started work on the high-performance car market segment after Mercedes Benz acquired YASA Limited, an Oxford-based company focusing on drivetrains in the EV sector, including mopeds and HGVs.
Saietta said this deal shows it’s an area of interest in the automotive industry so it decided to tap into it, even though it “was not envisaged at the time of our IPO”.
“The growing collaboration with EAV on the development of their LINCS platform will help showcase how effective Saietta in-wheel motors can be for lightweight commercial vehicles and we hope could become a significant revenue opportunity in its own right,” commented chief executive Wicher (Vic) Kist in a release.
“We have demonstrated that Saietta can reduce axial flux electric drivetrain cost without diminishing performance, which is essential if EVs are to become more accessible for mass market consumers across a wider range of vehicle platforms from lightweight to commercial.”
Shares surged 24% to 244p on Monday at noon.
