Dear , 

YASA Motors (YASA) was incorporated in 2009 to commercialise the unique motor topology developed by founder and CTO Dr Woolmer at the University of Oxford. The Yokeless And Segmented Armature design – hence YASA - allows more efficient use of key magnetic and structural materials.

The technology allows YASA to manufacture a range of standard electric motors and generators with superior performance characteristics. In particular the motors are smaller and lighter, are easier to manufacture and produce exceptionally high power and torque. YASA’s standard products are typically integrated into customers’ products for low volume applications whilst the company also carries out bespoke design and development work for OEM customers with high volume applications where the volumes can justify the cost of customisation.

YASA currently produces three off-the-shelf products, the YASA-750, YASA-400 and YASA P400 Series, which are designed for use in various industries. The benefit that they bring is producing very high power and torque densities (10kW/kg and 40Nm/kg respectively) from engines which are light and thin (as little as 55mm axial length). This reduces the size and weight of the powertrain, allowing design flexibility, enhancing fuel economy and reducing the cost of manufacture, all critical characteristics for OEMs and Tier 1 suppliers.

Motors and generators are used extensively across industry and commerce. YASA has already worked with partners in areas such as automotive products, namely hybrid or electric cars, including motor sports vehicles with various speed records, off-road vehicles, the marine market (with uses including propulsion and hydraulic replacement), the aerospace market and in general industrial use (in power generation and hydraulic replacement).

YASA has recently decided to invest in the design and manufacture of controller units for its motors. This will allow it to optimise the controller unit, targeting a reduction in size and weight of 50% compared to competitor controllers, to maximise the performance of the motor and to retain more of the value chain associated with the motor.

The Market
The existing market for electric motors and generators is substantial – industry consultant forecasts suggest a global market for electric motors of over $100bn today - and there is the potential for it to grow as it shifts to high efficiency products and as hybrid and electric products replace, or augment, fossil fuel powered products.

YASA’s initial target customers were high end, high tech car manufacturers in order to validate the technology. The focus on applications in the automotive sector gives it exposure to the largest electric motor sub-market, with a value estimated at $20bn in 2020. There are sizeable opportunities in other land vehicles, in marine markets and in power generation as well in which it is active, with a further $30bn market size.

It is currently working with a select group of companies across a range of potential applications and in various geographies. Many of these are technology leaders in their fields and have positively evaluated YASA’s technology against competitive offerings. Most of these developments are still under wraps but the company has revealed that: i) the supercar manufacturer Koenigsegg uses three YASA 750 motors in the Koenigsegg Regera, and; ii) that Griffon Hoverwork is using two YASA-400 motors in the design of its GHL 12000TD hovercraft.

Management

Dr Chris Harris, CEO, has 25 years of experience building and leading high tech companies around the world. He was CEO at Light Blue Optics, a University of Cambridge spin-out, before joining YASA in 2011. Chris has a PhD from Imperial College and a degree in Physics from the University of Oxford.

Peter Ward, Chairman, has a long and distinguished career in the in the international motor industry. He has held senior positions at Vickers plc including COO of the Group and CEO and Chairman of Rolls-Royce and Bentley Motor Cars.

Dr Tim Woolmer, CTO & Founder, developed the unique YASA motor topology as part of his DPhil at the University of Oxford and is responsible for technical development.

Ajay Lukha, Chief Commercial Officer, has held several executive and consultant roles at early/mid-stage tech companies as well as senior roles at Intel and Kingston Technology. He has a degree in chemical engineering.

Andy Court, Chief Operating Officer, has amassed broad experience in the development and production engineering of electric motors for mass manufacture, spanning roles at Bosch and TRW’s automotive division.

The Investment Case
The company’s technology has been heavily tested and appraised by technology leaders in the field and, we believe, stacks up strongly against peer products. As such it has a high chance of achieving commercial success in a market where technical transformation should drive significant growth. The company has an impressive list of partners across industries at various points in their development schedules and this should allow it to ramp up sales in the next five years. Towards the latter end of that period we would hope to see some high volume products on the market. We believe that management have both the technical and operational experience to deliver strong performance going forward.

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