Aurrigo takes AIM with flotation
Above:
Professor David Keene, CEO of Aurrigo International plc.
Courtesy Aurrigo
Aurrigo, which was formed 29 years ago by brothers David and Graham Keene, has raised £8 million to fund strategic expansion plans that will see the continued development and future roll-out of its Auto-Dolly product, an autonomous vehicle for carrying cargo and luggage at airports around the world.
Located at its advanced engineering centre in Coventry, the new investment will be used to scale up future production and build on successful trials at Changi International Airport in Singapore and Gerald R Ford International Airport in North America.
More than 50 jobs are set to be created in the UK and at overseas sales and technical offices in North America and the Far East.
Prof. David Keene, CEO of Aurrigo International plc, said: “The global transportation market is ripe for disruption. Aviation has significant structural constraints, with decades old technology/equipment and labour shortages hampering its recovery from Covid-19 and its long-term growth prospects.
“Our innovative, autonomous technologies are ready to revolutionise airport ground handling of baggage and cargo, and our Auto-Sim ‘digital twin’ modelling software can unlock efficiencies for all aspects of airport operations worldwide.
“With 29 years’ experience in the automotive sector and expertise in complex project delivery programmes means that we are very well positioned to deliver on these products, which have immense potential to solve a serious industry problem internationally.”
He continued: “An AIM IPO represents a significant milestone for Aurrigo and provides a platform to fulfil our potential whilst making a meaningful difference to airports, airlines, passengers and cargo around the world.”
Aurrigo International plc placed 41,666,667 ordinary shares at 48 pence per share on Thursday’s listing, giving the company a market capitalisation at the commencement of dealings of £20 million.
Aurrigo International plc designs, engineers, manufactures and supplies OEM products and autonomous vehicles to the automotive, aviation and transport industries.
It is highly regarded as a specialist in autonomous and semi-autonomous technology solutions having invested heavily in developing its proprietary products and software.
This has helped the company create six autonomous vehicles – ranging from its four-seater Auto-Pod and 10-seater Auto-Shuttle to its Auto-Patrol security vehicle – that all reduce costs, resolve operational issues and tackle labour shortages
David Keene concluded: “The UK has always made it clear that it wants to lead the future mobility race and Aurrigo is one of a select number of companies that have developed autonomous technology solutions that have been proven to work in real-world environments, whether that is first or last mile city transport routes or moving cargo and luggage around airports.
“The AIM flotation is a milestone moment in our history and will give us the capital investment and profile we need to accelerate the future roll-out of our autonomous technology solutions.”
