A developer of autonomous cargo vehicles, Aurrigo International Plc (Aurrigo), has announced plans to list on the AIM, a sub-market of the London Stock Exchange with different requirements, as part of a strategic move to accelerate growth across its aviation division.
Aurrigo has raised £8m to fund the future rollout of its Auto-Dolly product, an autonomous vehicle (AV) for transporting 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 the results of trials at Changi International Airport in Singapore and Gerald R Ford International Airport in North America.
The company plans to create more than 50 jobs in the UK and at overseas sales and technical offices in North America and the Far East.
Professor David Keene, CEO of Aurrigo, 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.
“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 placed 41,666,667 ordinary shares at 48p per share on Thursday’s listing, totalling an anticipated market capitalisation at the commencement of dealings of £20m.
