Autonomous vehicle pioneer Aurrigo lists on London AIM market as it steps up growth drive | City & Business | Finance
Coventry-based Aurrigo International plc, which was formed 29 years ago by brothers David and Graham Keene, has raised £8m 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.
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 the US. The move will also create 50 jobs in the UK and in overseas sales and technical offices in North America and the Far East.
Aurrigo’s chief executive Professor David Keene 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.
“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, giving the company a market capitalisation at the commencement of dealings of £20million. Singer Capital Markets acted as the nominated adviser and broker to the company.