£1.475m Electric Bus Repower Contract
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").
Equipmake Holdings plc
("Equipmake" or the "Company")
£1.475m Electric Bus Repower Contract with Newport Transport
Equipmake, the UK-based engineering specialist pioneering the development and production of electrification products across the automotive, aerospace, bus, and coach industries, is pleased to announce that is has been awarded a £1.475m contract with a new customer, Newport Transport, to repower eight double deck buses, utilising its integrated zero emission drivetrain system.
Highlights
· £1.475m contract to repower eight double deck buses, for use on school and city services throughout the Newport area of South Wales.
· First Equipmake repowered Newport Transport vehicle is expected to enter service in early 2024 - with all vehicles anticipated to be delivered, and revenue recognised, in the current financial year.
· Five diesel ADL E400s and three hybrid Volvo B5LHs to be converted to fully electric, in a further utilisation of Equipmake's state-of-the-art, zero emission drivetrain system, encompassing in-house designed battery, motor, inverter and control system.
· Each B5LH vehicle will have a 218kWh battery system, providing a c.90-mile daily range suitable for school routes, and the E400s will be repowered with a 382kWh battery system, providing a c.150-mile range, suitable for a combination of school and city routes.
· Each bus conversion is expected to save c.90 tonnes of embedded CO2 in comparison to a newly manufactured electric double deck bus, in total of c.720 tonnes of CO2 saving.
· Further example of strong market traction in the electrification of commercial vehicles, through the replacement of internal combustion solutions with a zero-emission drivetrain system.
Ian Foley, CEO, Equipmake, said: "We're delighted to partner with Newport Transport, another forward-thinking operator who sees the huge benefits to its business model and the environment of repowering its fleet. It's rewarding to see that our sustainable and readily available solution will be used to reduce emissions on school and city routes throughout the Newport area. Repowering existing buses offers operators an excellent opportunity to help them rapidly achieve their zero-emission targets, while making significant cost savings over buying brand new electric buses."
Scott Pearson, Managing Director, Newport Transport, added: "This partnership with Equipmake is an obvious next step for us as we continuously reduce the emissions of our operations. Its state-of-art technology is cost-effective and environmentally sustainable. We are hugely excited to begin the conversion of these eight buses and see them on the roads of the local area. Our school routes are a vital element of our service, transporting hundreds of students each day. These buses will continue to serve an important community purpose, but with the added benefit of doing so emission-free."
**ENDS**
For further information, please contact:
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Equipmake Ian Foley, Founder and CEO Steven McGillivray, CFO
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Via St Brides Partners |
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Panmure Gordon (Corporate Adviser & Joint Broker) John Prior / James Sinclair-Ford / Freddie Twist Hugh Rich / Sam Elder
VSA Capital Limited (Joint Broker) Simon Barton / Simba Khatai / Alex Cabral
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Tel: +44 (0) 20 7886 2500
Tel: +44 (0) 20 3005 5000 |
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St Brides Partners (Financial PR Adviser) Susie Geliher / Paul Dulieu
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Tel: +44 (0) 20 7236 1177 |
About Equipmake
Equipmake is the UK-based engineering specialist pioneering the development and production of electrification products to meet the needs of the automotive, aerospace and other sectors in support of the transition from fossil-fuelled to zero-emission powertrains.
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.
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