Surface Transforms PLC GBP100m New Business Award from OEM 10 (1509Q)
16 Ottobre 2023 - 8:00AM
UK Regulatory
TIDMSCE
RNS Number : 1509Q
Surface Transforms PLC
16 October 2023
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16 October 2023
Surface Transforms plc
("Surface Transforms" or the "Company")
GBP100m new business award from OEM 10
Surface Transforms (AIM:SCE), manufacturers of carbon fibre
reinforced ceramic automotive brake discs, is pleased to announce
that it has been notified of its selection as a tier one supplier
of a carbon ceramic brake disc to its existing mainstream customer
described previously as OEM 10, one of the world's largest
automotive OEMs.
The selection is for Surface Transforms to be the sole supplier
of the carbon ceramic brake disc on both axles of a range of new
electric vehicles with common axles. The award covers vehicles
where the product is standard fitment as well as vehicles where it
is an option. The lifetime revenue on this range of models is
expected to exceed GBP100m with series production planned for 7
years. The Company expects series production to commence in 2027.
The contract is priced in GBP.
The vehicle range was part of the Company's substantial
prospective contract pipeline which having now converted increases
the value of our awarded lifetime contracts to over GBP390m.
This OEM 10 contract will require capacity beyond both the
current factory footprint and the phase 2 capacity investment
program, forecast to provide GBP75m per year sales capacity in
2025. The timing of this award gives the Company sufficient time to
implement the third phase of our capacity expansion to provide
GBP150m per year of total sales capacity. Planning for this third
phase continues to be actively progressed and updates will be
provided in due course.
Kevin Johnson, CEO commented: "This most welcome nomination, is
the Company's largest to date, deepening our relationship with the
customer. The selection process was intensely competitive and set
against the recent Surface Transforms production ramp-up
challenges. This success further illustrates the advanced technical
capabilities of our products. The trend for follow-on awards with
existing customers is something we have seen across all our
customers. Our healthy prospective contract pipeline is mainly made
up of existing customer programmes and is expected to continue to
fuel our growth and capacity expansion plans into the future".
For enquiries, please contact:
Surface Transforms plc +44 151 356 2141
David Bundred, Chairman
Kevin Johnson CEO
Isabelle Maddock CFO
Zeus (Nominated Adviser and Joint Broker) +44 203 829 5000
David Foreman / Dan Bate / James Edis (Investment
Banking)
Dominic King (Corporate Broking)
Cavendish Capital Markets (Joint Broker) +44 20 7220 0500
Ed Frisby / Abigail Kelly (Corporate Finance)
Andrew Burdis / Barney Hayward (ECM)
About Surface Transforms
Surface Transforms plc. (AIM:SCE) develops and produces carbon
-- ceramic material automotive brake discs. The Company is the UK's
only manufacturer of carbon -- ceramic brake discs, and only one of
two mainstream carbon-ceramic brake disc companies in the world,
serving customers that include major OEMs in the global automotive
markets.
The Company utilises its proprietary next generation Carbon
Ceramic Technology to create lightweight brake discs for high --
performance road and track applications for both internal
combustion engine and electric vehicles. While competitor carbon --
ceramic brake discs use discontinuous chopped carbon fibre, Surface
Transforms interweaves continuous carbon fibre to form a 3D matrix,
producing a stronger and more durable product with improved heat
conductivity compared to competitor products; this reduces the
brake system operating temperature, resulting in lighter and longer
life components with superior brake performance. These benefits are
in addition to the benefits of all carbon -- ceramic brake discs
vs. iron brake discs: weight savings of up to 70%, longer product
life, consistent performance, reduced brake pad dust and corrosion
free.
The Company is accredited with the London Stock Exchange "Green
Economy Mark"
For additional information please visit
www.surfacetransforms.com
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