LONDON (ShareCast) - (Sharecast News) - Carbon fibre-reinforced ceramics company Surface Transforms has been selected as the tier one sole supplier of carbon ceramic brake discs on the recently-launched 'Koenigsegg Gemera' vehicle, it announced on Monday.
The AIM-traded firm said the lifetime value of the contract would be more than £5m, with a start of production in mid-2022, completing in mid-2027.

Revenue was expected to be generated evenly over the contract, with approximately £1m per year being recognised in each of the four mid-programme years from 2023.

The company explained that the Gemera was launched at the 2020 'virtual' Geneva motor show as the world's first 'mega-GT' and Koenigsegg's first four-seater.

It has a hybrid propulsion system, achieving 1700 brake horsepower, or 1.27 megawatts.

The internal combustion engine can be powered by either petrol or carbon dioxide-neutral methanol.

"This contract is now the third award from Koenigsegg and again demonstrates that when we win an initial contract with a customer we can achieve follow on business," said chief executive officer Kevin Johnson.

"Our relationship with Koenigsegg is long standing and we are therefore delighted that we continue to work with them as they transition to the next level in the automotive market through their partnership with NEVS.

"We are also particularly pleased that this is another example of the importance of weight reducing carbon ceramic discs in electric vehicles, whether battery electric vehicles or hybrids."

Johnson added that the announcement reinforced the board's view that the company would be profitable before tax in 2022.

"The company expects to make further announcements of contract awards with other automotive OEMs over the next 12 months."

At 1512 BST, shares in Surface Transforms were up 29.11% at 20.98p.

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