Shares in Saietta Group PLC (AIM:SED) zoomed 40% higher after the company confirmed that it had won an £11.2 million order from a leading Indian manufacturer of electric rickshaws and other lightweight vehicles.
The order is for complete electric drivetrains, known as eDrives, which feature Saietta's proprietary Axial Flux Technology (AFT) motors.
Having designed the eDrives at its UK technical base at Silverstone, Saietta's Indian joint venture, Saietta VNA, will manufacture the units at its new production facility in Delhi.
Executive chairman Tony Gott, who is due to be joined by a new chief executive next month, called the deal "the point of inflection" and said the company is "very well positioned" to capitalise on the rapidly growing demand for lightweight eMobility in India.
He said Saietta VNA has the funding, manufacturing, people and supply chain "all in place" to commence production and he expects the first customer vehicles powered by Saietta to be on the roads in India in the first half of 2024.
The shares spiked to 45p in early trade and even after easing off to 42.66p by the end of the first hour were still up 33.3%.