London Stock Exchange welcomes Saietta Group plc to AIM
London Stock Exchange today welcomes Saietta Group plc, a UK-based engineering company which has developed the innovative Axial Flux Technology (AFT) electric motor, to AIM. Saietta will be admitted to AIM under the Ticker (SED) “Saietta Electric Drive”. The Company has successfully raised £37.5 million through a placing and subscription, giving it a market capitalisation on Admission of £102 million. Saietta is pleased to welcome all new shareholders and investor partners, which include Amati Global Investors, Premier Milton Group and Schroders Investment Management.
Saietta was founded in 2008 as an e-motorbike manufacturer and the business evolved in 2017 after spotting a global need for high efficiency mass market electric vehicle drive-train solutions. Saietta has developed the low cost, low maintenance and highly efficient, AFT motor 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.
Saietta’s AFT motor intends to unlock the technical and economic impediments to the mass market electrification of the global motorbike and lightweight vehicle market. Currently driven by Asian demographics, the global motorbike market is forecast to significantly exceed passenger car sales, with 97.5 million two-wheel vehicles expected to be sold globally per annum from 2030, with approximately 40% of these vehicles forecast to be electric. It is the Group’s ambition to capture a material proportion of this growing market within five years from Admission.
The Company intends to use the net proceeds of the Placing to execute the Board’s growth plans, including establishing a motor durability testing facility and a pilot production facility which is expected to expand its UK based production capacity to 100,000 units per annum within three years from Admission. Saietta is expected to qualify for London Stock Exchange’s Green Economy Mark at Admission, which recognises companies that derive 50% or more of their total annual revenues from products and services that contribute to the global green economy.
Vic Kist, Chief Executive of Saietta Group, commented: “Today is a landmark moment for everyone involved with Saietta and we are very pleased to be joining the London Stock Exchange to further accelerate our growth ambitions. I would like to take this opportunity to thank our people, all of whom have worked so hard in getting us to this stage, and to welcome our new investors on to the register. We look forward to fulfilling our ambition of democratising the electric vehicle revolution globally and delivering the best high-cost, high-performance electric drivetrain motor variants in a cost-effective architecture for urban communities in emerging markets.”
Tim Davis, Regional Head, Primary Markets of LSEG, added: “We are delighted to welcome Vic and Saietta to the London Stock Exchange. A highly innovative UK business, Saietta demonstrates the revolutionary potential in the electric vehicle market. Saietta’s plan to unlock the technical and economic impediments to the mass market electrification of the global motorbike and lightweight vehicle market will revolutionise clean transport for millions around the world.”
Board of Directors
• Anthony (“Tony”) Gott – Independent Non-Executive Chairman
• Wicher (“Vic”) Kist – Chief Executive Officer
• Steven Harrison – Finance Director
• David Wilkinson – Senior Independent Non-Executive Director
• Emmanuel Clair – Non-Executive Director
Advisors to the company
• Company Secretary – Fieldfisher Secretaries Limited
• Nominated adviser, Sole Bookrunner and Sole Broker – Canaccord Genuity
• Legal advisers – Fieldfisher LLP
• Financial PR adviser – FTI Consulting
• Patent attorneys – Reddie & Grose LLP
• Auditor and reporting accountant – BDO LLP accountant