Surface Transforms PLC Koenigsegg Contract Award (1869P)
08 Giugno 2020 - 08:00AM
UK Regulatory
TIDMSCE
RNS Number : 1869P
Surface Transforms PLC
08 June 2020
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
8 June 2020
Surface Transforms plc.
("Surface Transforms" or the "Company")
Koenigsegg Contract Award
Surface Transforms (AIM: SCE) manufacturers of carbon fibre
reinforced ceramic materials, is pleased to announce that it has
been selected as the tier one sole supplier of carbon ceramic brake
discs on the recently launched Koenigsegg Gemera. The lifetime
value of the contract is in excess of GBP5m with a start of
production in mid 2022 completing in mid 2027. Revenue is expected
to be generated broadly evenly over the contract with approximately
GBP1m per year being recognised in each of the four mid-programme
years commencing 2023.
The Koenigsegg Gemera was launched at the 2020 "virtual" Geneva
motor show as the world's first Mega-GT and Koenigsegg's first
four-seater. It has a hybrid propulsion system, achieving 1700 bhp
or 1.27 MW. The internal combustion engine can be powered by either
petrol or CO2 neutral methanol.
In 2019 Koenigsegg received a $150m investment from National
Electric Vehicle Sweden (NEVS) in exchange for a 20% interest for
NEVS in the Koenigsegg group. As part of this transaction, NEVS and
Koenigsegg have formed a 65:35 joint venture to exploit
Koenigsegg's intellectual property, technology licences and product
designs. The Gemera has been designed by and will be badged as
Koenigsegg but manufactured in Sweden by NEVS.
Kevin Johnson, Chief Executive said: "This contract is now the
third award from Koenigsegg and again demonstrates that when we win
an initial contract with a customer we can achieve follow on
business. Our relationship with Koenigsegg is long standing and we
are therefore delighted that we continue to work with them as they
transition to the next level in the automotive market through their
partnership with NEVS. We are also particularly pleased that this
is another example of the importance of weight reducing carbon
ceramic discs in electric vehicles, whether BEVs or hybrids.
This announcement reinforces our view that the Company will be
profitable before tax in 2022.
The Company expects to make further announcements of contract
awards with other automotive OEMs over the next twelve months."
For enquiries, please contact:
Surface Transforms plc. +44 151 356 2141
David Bundred, Chairman
Kevin Johnson, CEO
Michael Cunningham CFO
Cantor Fitzgerald Europe (Nomad & Joint--Broker) + 44 20 7894 7000
David Foreman (Corporate Finance)
Caspar Shand-Kydd (Sales)
finnCap Ltd (Joint--Broker) +44 20 7220 0500
Ed Frisby / Giles Rolls (Corporate Finance)
Richard Chambers (Corporate Broking)
For further Company details, visit www.surfacetransforms.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCSSUEFWESSEEM
(END) Dow Jones Newswires
June 08, 2020 02:00 ET (06:00 GMT)
Grafico Azioni Surface Transforms (LSE:SCE)
Storico
Da Feb 2024 a Mar 2024
Grafico Azioni Surface Transforms (LSE:SCE)
Storico
Da Mar 2023 a Mar 2024