Shares in Saietta Group PLC (AIM:SED) were in strong demand in early trade after the electric drive train specialist announced a second significant order in less than two months.
Via its Indian joint-venture company, Saietta has snagged a deal worth an estimated £12.7 million from a customer already working with the business.
The agreement involves the supply of complete electric drivetrains (eDrives) for a new model of light commercial vehicle (LCV).
The initial pilot order, valued at around £106,000, sets the stage for a larger production scale.
Saietta anticipates ramping up production to achieve a target volume of approximately 60,000 units over the next five years, beginning in the second quarter of 2024.
Its latest success is anchored in its innovative radial flux technology (RFT) motor, combined with a custom controller, transmission, axle, and vehicle control unit.
It represents the first major contract for their new RFT eDrive, validating the vast commercial potential of this technology.
It also follows a previous order - for £11.2 million - from the same OEM for Saietta's axial flux technology (AFT) motor, confirming the company's growing influence in the Indian electric vehicle market.
At 9.05 am, the stock was changing hands for 23.4p, up 3.65p.