eDrive specialist Saietta Group announces strong first full year results

Published by

Peter Davison

Saietta Group, the Oxfordshire-based specialist in providing high-tech electric drive solutions for all kinds of motorised transport, has announced strong first full year results following a successful listing on the London Stock Exchange’s AIM market in July 2021.

CEO Vic Kist, said: “Our milestone agreements with key partners across the world, our strong first full year results as a public company and our successful funding round is driving our rapid expansion.

"The proceeds of this investment will help facilitate research, development and growth for the next phase in our strategy roadmap, ensuring that we will build on what’s been an outstanding 12 months.

“Given the economic outlook and the turbulence the industry is experiencing, we see the success of this funding round as yet another solid endorsement from the financial markets of our strategy roadmap.”

“Since the IPO, we have added a world-class factory, entered the bus and truck markets, added an in-house power electronics capability, launched a marine division, and evolved our AFT motor into fully integrated eDrive systems.

“The scope of these developments reflects the range of exciting market opportunities presented by the electrification of the global automotive and marine industries.

"Our aim is to be a leading eDrive business and be a showcase of engineering and production excellence as we help the world transition to zero emission mobility.”

Highlights from the year include the acquisition of e-Traction, which is a leading supplier of electric drivetrains and high voltage power electronics for trucks, buses and heavy-duty vehicles; and signing an agreement to help develop a next-generation zero-emissions inner-city transport solution in collaboration with Electric Assisted Vehicles, a market leader in lightweight vehicle engineering and sustainable technologies.

In November 2021, Saietta launched Propel, a high-tech electric propulsion marine brand.

Saietta has also progressed with plans to establish a high-tech engineering facility at Silverstone Park Innovation Centre.

Peter Davison

Peter Davison is deputy editor of The Business Magazine. He has spent his life in journalism – doing work experience in newsrooms in and around Bristol while still at school, and landing his first job on a local newspaper aged 19. By 28 he was the youngest newspaper editor in the country. An early advocate of online news, he spent the first years of the 2000s telling his bosses that the internet posed both the biggest opportunity and greatest threat to the newspaper industry and the art of journalism. He was right on both counts. Since 2006 he has enjoyed a career as a freelance journalist. He lives in rural Wiltshire with one wife, two children, and three cats.