Equipmake Holdings - Licensing Agreement with Sona Comstar
Announcement provided by
Equipmake Holdings PLC · EQIP16/05/2023 07:00
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of
16 May 2023
Equipmake Holdings plc
("Equipmake" or the "Company")
Licensing Agreement with Sona Comstar:
Provides Equipmake with exposure to the one of the largest automotive markets globally.
Equipmake, the
Overview
· The Licensing Agreement will see Equipmake license certain products from its range of drive motors, inverter, and electric powertrain technology to Sona Comstar for applications in electric cars, buses, commercial vehicles and off-road vehicles in
·
· Both parties to jointly address other markets and territories for certain Equipmake products, utilising Sona Comstar's manufacturing and distribution networks.
· Under the Licensing Agreement, Sona Comstar will pay Equipmake a fixed one-time licence fee together with running royalties on the licensed products manufactured and sold by Sona Comstar. The manufacturing of the licensed products is expected to commence in 2025.
Commenting on the Licensing Agreement, Ian Foley, CEO of Equipmake said: "Sona Comstar is a global automotive systems and components manufacturer and one of
"Sona Comstar approaching and selecting Equipmake as its partner is a demonstration of a
"I am delighted with this development and believe that this has the potential to create substantial value for our shareholders as we continue to build our reputation for electric powertrain innovation and product excellence with customers around the world."
Commenting on the partnership Mr Sat Mohan Gupta, CEO of Motor Business at Sona Comstar, said: "Equipmake's patented next generation spoke motors and inverters offer one of the highest power and torque density in its segments globally and we are delighted to partner with Equipmake to bring their cutting-edge motors and inverters technologies to
"With Equipmake's advanced technology and Sona Comstar's manufacturing and sales capabilities, we aim to offer our customers high-performance, efficient, cost-effective electrified drivetrain solutions. This is yet another step towards our commitment to offering innovative solutions to drive faster adoption of electric mobility in
Further Information
Sona BLW Precision Forgings Ltd (Sona Comstar) and Equipmake have signed a technology licensing agreement whereby Equipmake will license elements of its patented spoke motor and inverter technology to Sona Comstar to manufacture and sell EV powertrains, sub-systems, and components for electric cars, buses, commercial vehicles and off-road vehicles in defined markets.
Sona Comstar will lead the business development and customer sales in
CRISIL, an S&P Global company, and
Sona Comstar is an innovation-led automotive technology company delivering mission-critical systems and components to customers worldwide. It offers a wide range of traction motors and controllers for
1 CRISIL analytics
**ENDS**
For further information, please contact:
Equipmake Ian Foley, Founder and CEO Steven McGillivray, CFO
|
Via St Brides Partners |
Panmure Gordon (Corporate Adviser & Joint Broker) John Prior / James Sinclair-Ford / Freddie Twist Hugh Rich / Sam Elder
VSA Capital Limited (Joint Broker) Simon Barton / Alex Cabral
|
Tel: +44 (0) 20 7886 2500
Tel: +44 (0) 20 3005 5000 |
St Brides Partners (Financial PR Adviser) Susie Geliher / Paul Dulieu
|
Tel: +44 (0) 20 7236 1177 |
About Equipmake
Equipmake is the
Equipmake is a leader in ultra-high performance electric motors and complete EV drivetrains and ultra-fast power electronic systems. As well as developing proprietary technology - such as an ultra-compact, lightweight high performance spoke motor - it also offers industry-leading EV consultancy.
Equipmake has developed a vertically integrated solution providing fully bespoke solutions. The Company has built a significant pipeline of opportunities, as demand for electric vehicles increases as part of the global decarbonisation movement.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.