Surface Transforms PLC Contract award from OEM 10 and notice of results (8178I)
17 Agosto 2021 - 08:00AM
UK Regulatory
TIDMSCE
RNS Number : 8178I
Surface Transforms PLC
17 August 2021
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17 August 2021
Surface Transforms plc ("Surface Transforms" or the
"Company")
Contract Award from OEM 10 and Notice of Results
Surface Transforms (AIM:SCE), manufacturers of carbon fibre
reinforced ceramic brake discs, is pleased to announce that it has
been formally notified of its selection as a tier one supplier of a
carbon ceramic brake disc to a major mainstream US automotive
company. All terms and conditions have been agreed. Hence forth,
this new OEM customer will be described by the Company as "OEM
10".
Specifically, the selection is for Surface Transforms to be the
tier one sole supplier of the carbon ceramic brake disc as standard
fit on both axles of a new edition to an existing internal
combustion engine car . T he previous model already uses carbon
ceramic discs and thus the Company's brake disc is replacing the
existing supplier. The lifetime revenue on this specific contract
is estimated to be approximately GBP20 million commencing in mid
2024. Annual revenue is estimated to be approximately GBP5 million
per year from 2025 to 2027 inclusive, with approximately half that
sum in 2024 and 2028. The contract is priced in pounds
sterling.
The Company expects to publish its half year results for the six
months ended 30 June 2021 on 13 September 2021.
Kevin Johnson, CEO commented:
"This is a very significant win for Surface Transforms. The
customer is one of the most respected names in the industry and
provides a further key reference point for other OEMs. The contract
win was one of those anticipated in the recent fund raise, and thus
remains within our previously stated capacity requirements. We look
forward to further extending our relationship with this new
customer."
Moreover, it is particularly encouraging to note that this award
primarily reflects the advanced technical capabilities of our
product and provides further validation of our 15 years of
technical development."
We look forward to making further contract award announcements
over the next few months."
For enquiries, please contact:
Surface Transforms plc. +44 151 356 2141
David Bundred, Chairman
Kevin Johnson, CEO
Michael Cunningham, CFO
Zeus Capital Limited (Nominated Adviser and Joint Broker) + 44 203 829 5000
David Foreman / Dan Bate / Jordan Warburton (Corporate
Finance)
Dominic King (Corporate Broking)
finnCap Limited (Joint Broker) +44 207 220 0500
Ed Frisby / Abigail Kelly (Corporate Finance)
Richard Chambers / 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.
For additional information please visit
www.surfacetransforms.com
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