Shares of Saietta Group PLC (AIM: SED) soared 40% after announcing a £11.2 million order from a leading Indian manufacturer of electric rickshaws and other light vehicles. The order is for complete electric propulsion systems, or eDrives, which incorporate Saietta’s innovative Axial Flux Technology (AFT) motors.
Based in the UK, Saietta has designed the eDrives at its technical base in Silverstone. The manufacturing of these units will be carried out by Saietta VNA, Saietta’s joint venture in India, at its newly established production facility in Delhi.
Saietta Group plc (LON:SED) is a multi-national business which designs, engineers and manufactures complete Light Duty and Heavy Duty electric drive (eDrive) systems for electric vehicles on land from scooters to buses (vehicle categories L, M, N and T) as well as marine applications.