Equipmake: Powering the World’s Fastest Electric Car
The Rimac Nevera has taken the world by storm as the fastest electric car, boasting an impressive top speed of 258mph and accelerating from 0 to 60 in just 1.74 seconds. With exclusivity at its core, only 150 models of this groundbreaking vehicle have been produced, each priced at around £2.4 million.
Behind the scenes, the electrical vehicle expertise that drives the Rimac Nevera comes from Equipmake, an engineering firm based in Snetterton, Norfolk. Founded in 1997 by former Formula One engineer Ian Foley, Equipmake initially started as a consultancy but soon shifted its focus to hybrid and electric vehicles over 15 years ago. Since then, the company has continuously honed its expertise in this field.
Recognizing that competing in the high-volume electric car market would be a challenge for a small business, Foley made a strategic decision to specialize in more niche areas such as buses, emergency vehicles, and motors for millionaires and speed enthusiasts. This decision proved lucrative, as Equipmake now supplies two of the largest bus groups in the UK, First Bus and Go Ahead. In addition, the company collaborates with leading fire and rescue firm Emergency One and REV Group, a prominent American fire engine maker.
Equipmake’s expertise extends beyond terrestrial vehicles. The company is currently involved in the development of the world’s first commercial electric airplane, slated for release in 2025 and generating significant interest from airlines.
Going public on the Aquis Exchange in July 2022, with shares priced at 9.5p, Equipmake is primed for growth under Foley’s leadership. Setting itself apart from competitors, the company not only supplies individual components for electric vehicles but also designs and manufactures everything required for their operation, including chassis, motors, and chargers. The flexibility to provide complete solutions or customized offerings has fueled demand from customers worldwide.
The transition from traditional combustion engines to electric power has gained momentum in recent years, leading companies from various industries to seek out Equipmake’s expertise. In the UK, bus manufacturers are relying on Equipmake for new electric motors and retrofitting older models with environmentally friendly alternatives. Fire engines are also being converted to electric motors with the company’s assistance, while aircraft groups are enlisting Equipmake’s help in developing efficient take-off and landing systems.
Internationally, US firms are closely following REV Group’s progress and are considering a similar shift, especially given government subsidies for green technology. Equipmake has also secured a customer in India, Sona Comstar, known for its electric components and work with vehicle makers worldwide. Such demand prompted the company to open a new plant, quadrupling its capacity to over 65,000 square feet.
Brokers anticipate rapid growth for Equipmake, with revenue expected to reach £5.1 million by May 31, 2023, rising to £13.4 million in the current year and £24 million in 2024/25. While the company is currently experiencing losses due to reinvestment in the business, profitability is projected to commence in 2026 and steadily increase thereafter.
Equipmake’s role in advancing eco-friendly transport aligns with the global environmental agendas focused on achieving net-zero carbon emissions by 2050. As a result, the company is poised to become significantly larger and more profitable.
Operating as a leading player on the Aquis Exchange, Equipmake’s shares are available for trading in a similar manner to the main market or AIM. Although Equipmake is content with its current listing, the company is managed as if it were already on the London Stock Exchange, highlighting its commitment to transparency and high standards.
In conclusion, Equipmake stands as a pioneering force in a rapidly evolving industry. With its shares priced at 9.5p, this British trailblazer is certainly worth considering for investment. Watch as Equipmake continues to revolutionize the world of electric motors.
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