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Under the joint venture arrangement, Saietta and ConMet will cooperate to bring two new e-drive product systems, an in-wheel generator and in-wheel motor, to commercial production by 2023 and 2024, respectively. The new products will be aimed at ConMet’s existing USA customer base and will also be offered to a number of European OEMs. It is currently anticipated that the in-wheel generator will enter production in 2023 and will utilise Saietta’s Sunderland based manufacturing division.
Fieldfisher also advised on Saietta's successful and oversubscribed £23.6 million (before expenses) equity fundraising. Following exercise of a broker option to satisfy demand a total of 17,101,450 new ordinary shares in Saietta were placed at 138 pence per share. The net proceeds of the fundraise will allow Saietta to fund its development commitments under the arrangements with ConMet as well as accelerate development and commercialisation of the group's other products and e-drive systems.
The Fieldfisher team was led by corporate partner Brad Isaac, assisted by corporate senior associate Lily Searle and share incentives partner, Mark Gearing.
Commenting on the team's work for Saietta, Brad Isaac said, "We are delighted to have advised Saietta on this highly successful joint venture and funding round. This transaction demonstrates that despite difficult market conditions there is nevertheless investor support for innovative and well-managed businesses. Fieldfisher's work for Saietta is yet another example of the business-critical deals which we advise on and the team's first-class ability to deliver the best results for our clients."