Aurrigo, a UK-based autonomous vehicle manufacturer, aims to expand significantly with a £5m funding initiative.
- The company plans to increase its production capabilities for its Auto-DollyTug, an autonomous baggage tractor.
- This injection will support Aurrigo’s strategy to meet the growing demand in the aviation industry.
- A shift in shares was observed following the announcement, with minor fluctuations noted in the stock price.
- Aurrigo predicts a potential 450% revenue increase, driven by its expanding market reach.
Aurrigo, a prominent developer of self-driving vehicles situated in Coventry, is securing a substantial £5m investment to enhance its production line. This funding is intended to bolster its manufacturing capacity, particularly for its innovative Auto-DollyTug, an automatic baggage and cargo tractor designed for the aviation sector.
The financial boost comprises a dual approach: £5m targeted towards new institutional investors via shares, and an additional £0.3m offered to retail investors, with all shares set at 44p. The aim is to fast-track the commercialisation of their groundbreaking technology.
The demand for Aurrigo’s technology is anticipated to grow exponentially, as highlighted by CEO David Keene, who foresees a remarkable 450% revenue surge. Keene noted that the company is strategically positioned to influence over 600 airports globally with its advanced solutions. “Our analysis suggests a substantial global market potential,” commented Keene.
Reportedly, in the first half of the current year, Aurrigo experienced a commendable 26% rise in revenues to £3.9 million. Its autonomous division alone saw a 60% turnover increase, achieving £0.8 million. This impressive growth trajectory suggests a strong reception and increased adoption of their unique airport solutions.
Despite recent fluctuations, Aurrigo’s shares have shown resilience. They fell over 40% from a high in October but showed a slight recovery, inching up from 43p to 46.5p. This volatility underscores the market’s keen interest in the firm’s future prospects.
Aurrigo’s strategic expansion efforts signify its robust position in the autonomous vehicle industry, aligning with its vision to meet burgeoning global demands.
