European law firm Fieldfisher has advised Saietta Group plc, a developer of innovative electric motors for high-efficiency electric vehicle (EV) drivetrains, on its admission to trading on London's AIM market.
The firm also advised on a placing by the company raising gross proceeds of £37.5 million, giving Saietta a market capitalisation on admission of approximately £102.1 million.
Saietta has developed an innovative axial flux traction (AFT) EV motor, a class-leading, low-cost technology designed for mass production – initially aimed at the high volume, fast-growing Asian light motorbike market.
The motor has been designed to be produced from non-exotic raw materials through a highly-automated volume production process.
By deploying this technology in key markets, Saietta aims to overcome technical and economic impediments to the mass-market electrification of global lightweight vehicles, including motorbikes, mopeds, tuk tuks and all-terrain vehicles (ATVs).
The company intends to use the net proceeds of the placing to establish testing and pilot production facilities with the aim of growing its UK production capacity to 100,000 units per year within the next three years.
Saietta, which is headquartered in Bicester, Oxfordshire, has qualified for the London Stock Exchange’s Green Economy Mark, which recognises companies that derive 50% or more of their annual revenues from products and services that contribute to the global green economy.
Other LSE Green Economy Mark issuers include Fieldfisher clients, waste-to-energy developer Eqtec plc and bio-based polymer producer Itaconix plc.
Fieldfisher corporate partner Brad Isaac, who led the legal team advising Saietta on its IPO and associated placing, said:
"We are delighted to have advised Saietta on its successful admission to AIM and accompanying strategic fundraising.
"Saietta's decision to float reflects the value of a London public listing for enhancing corporate profile with target customers and investors at a time of keen interest in the EV sector.
"Decarbonising transport is one of the fundamental objectives in reducing global emissions to tackle climate change and the public markets have a clear role to play in galvanising investment in overcoming this challenge.
"We wish Saietta the best of luck with its future growth strategy."
Corporate partner Brad Isaac was assisted by associates Maddie Hibbard and Jessica Abrahamson-Flynn; solicitor Jack Mason-Jebb; tax partner Mark Gearing; senior associate, Tamsin Nicholds; employment solicitor George Orman; and trainee Jean-Luc Esposito.
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