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2 & 3 November 2022 | NEC, Birmingham

Saietta Group plc raising £37.5 million to accelerate growth strategy

Description​

Saietta Group plc (Saietta), a UK company that has developed the innovative Axial Flux Technology (AFT) electric motor, has announced its listing on the London Stock Exchange’s AIM market, raising expected gross proceeds of £37.5 million with an approximate market capitalisation of £102.1 million at the issue price.

Saietta’s admission to AIM on 7 July will be an important step in the company’s continuing development and will support the acceleration of its commercial progression to mass production of the proprietary AFT electric motor for a range of global market applications.

The IPO will provide Saietta with the capital to execute its growth plans, including establishing a motor durability testing facility and contributing to the expansion of a pilot production facility, which will increase the company’s European production capacity to 100,000 units per annum.

As governments and vehicle manufacturers scramble to decarbonise and develop new electric vehicles (EVs), there is a significant and growing demand to make EV technology more accessible. Affordable electric propulsion and battery systems are key to reducing EV cost and enabling widespread adoption. This is an essential step for many emerging economies and cities that are gripped by chronic air pollution, especially in Asia.

Wicher Kist, chief executive officer at Saietta Group plc, commented: “We have been greatly encouraged by the very positive reaction to our IPO which attracted support from a range of blue chip institutions. It puts us in a strong position to deliver our exciting strategy.”

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