Saietta Group plc, the Upper Heyford, Oxfordshire company that has developed a patent protected, AFT (axial flux electric motor technology) electric motor designed for high efficiency electric vehicle drivetrains, has provided its first operational update since its successful admission to trading on the London Stock Exchange's AIM in July.
Saietta has developed its low cost, low maintenance and highly efficient AFT motor in a bid to democratise the transition to mass market electrification, making the EV revolution accessible to millions of people around the world and supporting high-growth economies to achieve their carbon reduction targets.
The global automotive manufacturing industry, which consisted of around 74,000 enterprises and generated more than $2 trillion of revenue in 2019, is experiencing substantial change as it transitions from internal combustion engines to electric motors. Further focus on the importance of robust and efficient drivetrains in the EV sector, from mopeds to HGVs, was evidenced in the recent acquisition of Oxford-based YASA Limited by Mercedes-Benz.
Saietta has made considerable progress since the IPO in its core focus lightweight mobility market; began the planned expansion of its UK production and testing capabilities; and has opened-up access to a new market segment with significant potential.
The financial resources secured through the IPO have enabled the company to accelerate its interaction with a number of original equipment manufacturers including the completion of a number of operating motorbike models retro-fitted with Saietta motors which are being shipped to India.
In line with its core focus on lightweight mobility, Saietta has been working withers Upper Heyford neighbour Electric Assisted Vehicles Ltd and has entered into an agreement to be the exclusive supplier of in-wheel traction motors to EAV's proposed Lightweight Inner-City Solution vehicle. EAV has already begun selling its existing range of e-cargo bikes to customers including DPD, Asda and Ocado as well as having sold a number to a major global automotive OEMs for evaluation, development and testing.
EAV is currently focusing on developing the complementary larger LINCS vehicle with Saietta.
Saietta's marine division has achieved its target of commencing in-water testing of its first prototype e-outboard motors. In addition, the Company has developed an inboard variant suitable for both retrofit and new build applications which has also successfully commenced testing.
Saietta has also begun operations in the high-performance car market segment, developing a production-ready 800V high performance motor with a target launch of summer next year.
The Company has also initiated the development of both manufacturing equipment and streamlined processes that enable an automated scaling up of production volumes. In addition, a
Vic Kist, Chief Executive of Saietta, said: "The rapid progress since we revealed our range of AFT motors late last year has been maintained with commercial, product and R&D progress continuing on all fronts. The high level of industry interest in our AFT technology since IPO has been remarkable, and we are therefore deliberately being cautious and targeted as we select our initial customers and partners.
"The recent acquisition by Mercedes-Benz in this area shows how the automotive industry is increasingly focused on the development of robust, efficient and affordable EV drivetrains. This development also opens a new market segment for Saietta, for high performance cars, which 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.
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."
