SAIETTA Group plc, a specialist in high-tech advanced e-mobility propulsion, has announced strong first half-year sales and profit performance that further boosts the company’s growth trajectory.
Sales revenue for the six months to 30 September 2021 increased to £795k, up from £56k from the first half of 2020. Saietta’s gross profit for the six-month period to 30 September 2021 followed the steep growth in sales that the company realized, achieving £437k.
Saietta’s results coincide with it being the busiest period in the company’s history. It also keeps the high-tech e-mobility developer on track to meet full-year objectives by the end of March 2022.
“Saietta has made really important progress this year and we remain well-placed to continue our future growth and expansion,” said Wicher Kist, Chief Executive Officer at Saietta. “Our mantra is to take electric vehicle manufacturers ‘further, faster’ towards start of production.”
“We have demonstrated that Saietta can reduce electric drivetrain costs without diminishing performance – something that is essential if electric vehicles (EVs) are to become more accessible for mass market consumers. In line with that, we have continued to grow our range of advanced Axial Flux Technology (AFT)™ motors and we can now address a wider range of vehicle platforms from lightweight applications through to commercial vehicles.”
Saietta’s results over the six months to the end of September continues the company’s momentum, with 2022 expected to be another outstanding year in growth and expansion. Over the next 12 months, Saietta will continue its focus on securing numerous longer-term high-volume global OEM relationships.
Stellar year for Saietta
Saietta’s performance over the first six months of this financial year caps a remarkable year for the e-mobility tech specialist.
Standout highlights for Saietta in 2021 include a successful listing on the London Stock Exchange’s AIM market; the acquisition of a leading supplier of electric drivetrains and high voltage power electronics for heavy goods vehicles and buses; and the launch of a high-tech electric marine propulsion solutions brand.
Saietta also pushed ahead with the further advancement of its pioneering AFT e-motors; signed an important joint venture with a leading Indian automotive supplier; and realized important new customer projects.
Boardroom success
The first major corporate announcement of the year by Saietta came in May 2021 when the UK company announced a landmark partnership with Padmini VNA, one of India’s premier Tier 1 automotive suppliers.
Saietta’s innovative AFT electric motors are an ideal propulsion solution for the electrification of the Indian 100cc+ motorbike market. The relationship with Padmini has matured from a commercial collaboration agreement into a full Joint Venture and is focused on developing new and exciting opportunities within India’s fast-growing electric two-wheel market, which
accounted for just over 21 million units sold in 2019. Analysts predict significant further growth over the next five years, and a big part of that expansion will be driven by the Indian government’s clear focus on zero-emissions mobility for mega-cities.
In July, Saietta successfully listed on LSE’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 is an important step forward in the company’s continuing development, supporting the acceleration of its commercial progression to mass production of the proprietary AFT electric motor for a range of global market applications.
The IPO also provided 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 by 2024.
In November, Saietta acquired e-Traction, a leading supplier of electric drivetrains and high voltage power electronics, and launched Propel, a new electric marine propulsion solutions brand.
The 100% acquisition of e-Traction from Evergrande New Energy Vehicle Group accelerates Saietta’s growth strategy by adding new commercial and technical capabilities and an established power electronics production facility in the Netherlands.
The takeover of e-Traction, supplier of electric drivetrains for heavy goods vehicles and buses, as well as a producer of high voltage power electronics, including inverters and control systems, further advances the development and commercial deployment of Saietta’s AFT electric motor designs. Importantly, e-Traction brings additional product variants into Saietta’s portfolio – encompassing complementary power electronics and heavy-vehicle drivetrains.
The addition of e-Traction’s e-axle technology in particular complements the work already done by Saietta on its high-voltage AFT 190 electric motors. As a complete e-powertrain package, this extends the application range of Saietta from scooters to buses and will help to bring affordable electric propulsion to places gripped by chronic air pollution – one of the company’s founding business goals.
At the Marine Equipment Trade Show (METS) in Amsterdam in November, Saietta launched Propel, an innovative marine propulsion division.
Propel is dedicated to designing, developing and commercialising a range of innovative electric motors to advance the electrification of the marine industry while supporting decarbonisation and delivering sustainable and clean mobility on waterways, while helping boat owners to meet increasingly stringent legislation.
At METS, Propel showcased two highly innovative propulsion technologies – the Propel S1 and Propel D1 – which have been designed and developed from Saietta’s AFT programs. Propel’s three-day exhibition at METS was very well received, with the company securing a very healthy order book for the S1 and D1 drivetrain systems.
Saietta secured numerous new customer projects in 2021 including a tech collaboration project focusing on inner-city mobility solutions with Electric Assisted Vehicles Limited (EAV).
The collaboration will first centre on EAV’s Lightweight Inner-City Solution (LINCS) vehicle, which incorporates a modular lightweight skateboard-style platform intended to be an emissions free alternative to the traditional transit van in urban environments.
By electrifying this type of important commercial transportation first, delivery operations in congested, built-up areas will transform into zero-emission networks that also realize a huge reduction in noise pollution. Saietta’s AFT 140 motors have been engineered to deliver the power and torque required at low-voltage, making them a significantly safer solution than using high-voltage alternatives.
In May 2021, Saietta surprised the industry by unveiling a smart mobility platform to demonstrate the feasibility of in-wheel motors for inner city electric vehicles.
Located at the corners of the chassis, Saietta’s AFT 140 in-wheel electric motors are carefully designed to offer leading performance at low speeds. The AFT 140 electric motors deliver high torque density at low voltage and are highly efficient on urban stop-start journeys.
The learning from this project is the foundation of the technical solution for LINCS.
Advancing technology
On the engineering and technology front, Saietta used the last 12 months to push ahead with further development, demonstrating the innovative features of its AFT electric motors.
With an intimate understanding of the challenges currently facing EV manufacturers, Saietta addressed industry requirements with its AFT series of electric motors. Designed as an enabler of widespread electrification, its first AFT e-motors – the AFT 140 and AFT 110 – are designed to offer greater efficiency while providing a reliable, cost-effective propulsion solution with zero tailpipe emissions. Their impressive urban duty cycle efficiency reduces the battery capacity and hence cost of the battery pack required for a given range.
For their size and weight, the AFT motors provide substantial torque and can sustain high power output through the addition of a simple water-cooling system. Perhaps most importantly, they have been specifically designed for highly automated production to further drive down cost, ensuring the perfect combination of practical performance at a price point that is viable for the target markets.
The real-world capabilities of Saietta’s AFT 140 motors – as a solution that combines power with efficiency in a compact and lightweight design – were further underscored during independent testing that took place in Amsterdam, Netherlands, in May.
Real-world efficiency testing of the AFT 140 electric motor showed that the technology can dramatically improve the driving range of lightweight EVs.
The tests, which were led and overseen by an independent and highly respected Dutch engineering consultancy, assessed a standard Renault Twizy model with a second Twizy that was upgraded to Saietta’s AFT 140 electric motor. All other systems and components were left untouched. The engineering team concluded that the Saietta AFT 140 Twizy had on average at least a 10% increased efficiency gain over the standard Renault Twizy.
“In just a short amount of time – the last 12 months – we have achieved a lot,” added Kist. “We remain dedicated in democratising the transition to mass market electrification. This includes making the EV revolution accessible to millions of people around the world, supporting high-growth economies to achieve carbon reduction targets, and contributing to reducing air pollution in large cities.”
