Aurrigo International, a firm in Coventry, seeks to boost its production of autonomous vehicles with a £5m capital raise.
- The company plans to attract £5m from institutional investors and an additional £0.3m from retail investors through a share sale.
- Funds will be used to enhance the production capacity of the Auto-DollyTug, an autonomous baggage and cargo tractor.
- Aurrigo reported a 26% increase in overall revenues in the first half of the year, indicating strong performance.
- Despite a recent drop, Aurrigo’s share price saw a modest rise from 43p to 46.5p.
Coventry-based Aurrigo International is setting sights on significantly enhancing its production capabilities for autonomous vehicles, specifically targeting the aviation sector. To achieve this, Aurrigo aims to raise a total of £5.3m through a share sale, pricing new shares at 44p each. This strategic financial move involves raising £5m from institutional investors and an additional £0.3m from retail investors.
The funding will primarily support the production expansion of the Auto-DollyTug, an automated baggage and cargo handling vehicle. According to CEO David Keene, the demand for these self-driving baggage carriers is expected to lead to a substantial revenue increase of up to 450%. Keene mentioned, ‘Our analysis suggests there are more than 600 airports around the world where if we brought in our technology, it would have an effect on the business case. So there’s a massive market globally.’
In addition to scaling production, Aurrigo plans to allocate funds to strengthen its engineering, software development, and deployment team capabilities. The company has reported promising financial results for the first half of the year, with a 26% rise in revenues to £3.9m and a 60% increase in turnover for its autonomous division.
Key products driving this positive trajectory include the Auto-DollyTug and the Auto-Shuttle, a ten-seat passenger vehicle equipped with full autonomy. Furthermore, Aurrigo offers a 3D digital twin product designed to visualise airport operations, showcasing its diverse technological applications.
Despite these advancements, Aurrigo has experienced volatility in its share price, noting a significant decline of over 40% from mid-October levels of 77.5p. However, a slight recovery was observed as shares increased from 43p to 46.5p on a recent Thursday.
Aurrigo’s strategic funding efforts aim to capitalise on the growing global demand for autonomous vehicle solutions in the aviation industry.
