Contract award from OEM 9

RNS Number : 4427X

Surface Transforms PLC

30 August 2022

 

30 August 2022

Surface Transforms plc

("Surface Transforms" or the "Company")

Contract Award from OEM 9

Surface Transforms (AIM:SCE) is pleased to announce that it has been notified of its selection as a tier one supplier of a carbon ceramic brake disc to a battery electric vehicle automotive company - previously described by Surface Transforms as "OEM 9".

The selection is for Surface Transforms to be the standard fit, sole supplier of the carbon ceramic brake disc on both axles of a new variant of an existing model. The lifetime revenue on this contract is estimated to be approximately £13m over 5 years. The Company expects series production to commence in early 2024. The contract is priced in GBP.

OEM 9 is a new "disruptor" entrant to the battery electric vehicle market and, along with OEM 8 was one of the two anticipated new contracts underpinning the 2021 fundraising.

Kevin Johnson, CEO commented : "This most welcome award, our sixth contracted OEM, is the culmination of several years engineering activity. The contract was won due to our product's technical superiority in exacting head-to-head trials. We are in discussions with OEM 9 on additional opportunities and hope to make further announcements in due course."

For enquiries, please contact:

Surface Transforms plc.      [phone]

David Bundred, Chairman

Kevin Johnson, CEO 

Michael Cunningham CFO

Zeus (Nominated Advisor and Joint Broker)                                                                            [phone]

David Foreman / Dan Bate / James Edis (Corporate Finance)

Dominic King (Corporate Broking)

finnCap Ltd (Joint-Broker)                                                                                                           [phone]

Ed Frisby / Abigail Kelly (Corporate Finance)
Richard Chambers / Barney Hayward (ECM)

About Surface Transforms

Surface Transforms plc. (AIM:SCE) develop and produce 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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