Aurrigo, a tech firm in Coventry, is poised to revolutionize aviation with its autonomous vehicles, backed by a substantial investment.
- The company plans to raise £5m through shares to enhance its production capabilities significantly.
- Aurrigo’s Auto-DollyTug, an autonomous baggage tractor, is at the forefront of this expansion strategy.
- CEO David Keene anticipates a dramatic rise in revenue, underpinned by global demand at over 600 airports.
- This financial injection will support engineering and software developments crucial for scaling operations.
Aurrigo, a firm specializing in autonomous vehicle technology for aviation, aims to accelerate its commercial sales with a planned capital increase of £5m. This funding will be sourced primarily through a new share sale to institutional investors, complemented by an additional offering of £0.3m to retail investors. The new shares are to be priced at 44p.
The financing is crucial for Aurrigo to boost the production of its Auto-DollyTug, an autonomous tug designed for baggage and cargo handling. This innovative solution aligns with the company’s strategic intent to capitalize on global opportunities in airports. “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,” stated CEO David Keene.
Aurrigo has already witnessed a 26% rise in revenues, totaling £3.9m for the first half of the year. Its autonomous division alone reported a 60% increase in turnover, reaching £0.8m. These impressive financial results reflect a growing adoption of its airport solutions, outpacing the company’s entire 2023 performance just in the first half of 2024.
Moreover, beyond the Auto-DollyTug, the company has also been developing various products such as a 3D digital twin for visualizing airport operations, and the Auto-Shuttle, a comprehensive autonomous vehicle capable of carrying ten passengers. These advancements illustrate Aurrigo’s forward-thinking approach in enhancing aviation technology.
Despite recent challenges, including a significant dip in share prices, which fell over 40%, Aurrigo experienced a slight recovery, with shares rising from 43p to 46.5p. This indicates market confidence in the company’s strategic direction and the potential of its forthcoming developments.
Aurrigo’s strategic investment marks a pivotal step toward transforming airport operations globally.
