The Rimac Nevera is the fastest electric car in the world, capable of reaching 258mph with a 0-60 record of just 1.74 seconds. Exceptionally exclusive, production is limited to just 150 models, each of which costs around £2.4 million.
Rimac is based in Croatia, shareholders include Porsche and Hyundai and the group is known throughout the world for its electrical vehicle expertise. But a key component of the Rimac Nevera comes from Equipmake, an engineering firm based in Snetterton, Norfolk.
Equipmake was founded in 1997 by former Formula One engineer Ian Foley. Initially a consultancy, the company began delving into the world of hybrid and electric vehi-cles more than 15 years ago and has been honing its expertise ever since.
From the start, Foley realised that a small business like Equipmake could not compete in the high-volume electric car market. Instead, he chose to focus on more specialist areas, such as buses, emergency vehicles and the occasional motor for millionaires and speed freaks.
The decision paid off. Today, Equipmake supplies two of the UK’s biggest bus groups, First Bus, which has a fleet of almost 6,500 vehicles, and Go Ahead, which operates nearly a quarter of London’s bus routes. Foley also works with leading fire and rescue firm Emergency One and Wisconsin-based REV Group, a top fire engine maker in America.
Equipmake is also involved in developing the first commercial electric aeroplane, scheduled to be on sale from 2025 and already attracting significant interest from airlines.
The company listed on the Aquis Exchange in July 2022, the shares are 9.5p and should accelerate as Foley pursues his plans for growth.
Making the parts that power an electric vehicle is complicated and many firms focus on one or two elements. Equipmake is different. Not only can the group supply individual components but it can also design and make everything that allows an electric vehicle to operate, from chassis to motors to chargers.
Some customers want the lot. Others pick and mix. In every case, however, Foley and his team aim to combine high-performance with affordability. Progress was slow in the early days, as traditional manufacturers wrestled with the idea of moving from combustion engines to electric power.
In recent years, however, momentum has gathered pace, with firms from across the world calling on Equipmake for its experience and expertise.
At home, bus makers are asking Foley to produce new electric motors and retrofit older models with more environmentally friendly alternatives. Fire engines are being converted to electric motors with Equipmake’s help. And aircraft groups are tasking the firm with developing efficient take-off and landing systems.
Overseas, US firms are looking at REV Group’s progress and thinking of following suit, especially given government subsidies for green technology.
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Equipmake has a customer in India too, Sona Comstar, which specialises in electric components and works for vehicle makers across the world. Demand is such that the Norfolk group recently opened a second plant, quadrupling capacity to more than 65,000 square feet, a move that will allow Foley to increase production severalfold over the next couple of years.
Brokers expect swift progress too. Revenues of £5.1 million are forecast for the year to May 31 2023, rising to £13.4 million in the current year and £24 million in 2024/25. Equipmake is loss-making at the moment, as all spare cash is ploughed back into the business but profits are expected from 2026, rising steadily from that year.
Environmental agendas are pervasive, with governments across the globe committed to achieving net zero carbon by 2050. None of those commitments will be possible without eco-friendly transport and Equipmake is at the centre of these endeavours.
Over time, therefore, the firm should become materially larger and more profitable.
The group is already a leading player on the Aquis Exchange, where shares can be traded in a similar way to the main market or AIM. Foley has no imminent plans to move to the London Stock Exchange but he runs Equipmake as if he were already listed on one of the larger markets.
Midas verdict: Equipmake is a ground-breaking business in a fast-moving industry. The shares are 9.5p and should go far. Buy and watch this British pioneer motor.
Traded on: Aquis Ticker: EQUIP Contact: equipmake.co.uk or 01953 661200
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