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Heramba Electric's subsidiary Kiepe Electric is set to supply traction inverters for the DRAISY project, a revolutionary very light train initiative by LOHR & SNCF. The 100% battery-powered DRAISY aims to revitalize rural railway lines in France, with an estimated 9,000 kilometers of potential routes. Kiepe Electric will provide the Kiepe Traction Inverter (KTI) and electric motors for this economical and sustainable passenger transport solution.
The 14-meter-long DRAISY train, weighing only 20 tons, can carry up to 80 passengers at speeds of 100 km/h with a 150-kilometer range. It promises lower operating and maintenance costs compared to conventional regional trains. The project is expected to launch in Alsace by 2026, marking a significant step towards decarbonizing public transportation in rural areas.
Heramba Electric plc (NASDAQ: PITA) has announced that its subsidiary, Kiepe Electric, has secured a $26 million contract with King County Metro in Seattle for a battery upgrade program. This three-year agreement will enhance In Motion Charging (IMC®) capabilities for electric trolley buses, providing upgraded battery packs with triple the capacity of the original energy storage systems.
The company has signed $75 million in North American orders year-to-date, including a recent contract with Chicago Transit Authority. The upgraded battery packs will allow electric buses to travel over seven miles between overhead wire connections, improving efficiency and supporting King County Metro's commitment to eco-friendly public transportation.
Heramba Electric plc (NASDAQ: PITA) reported strong financial results for 2023 through its subsidiary Kiepe Electric. Revenues increased by 27.6% to €152.8 million, with significant growth in North America (57.5%) and Europe (24.7%). The company achieved net income of €407k, a substantial improvement from a €21 million loss in 2022. Kiepe Electric ended 2023 with a record order backlog of €573.0 million and a strong cash position of €32.5 million with no debt. Heramba Electric, formed through the acquisition of Kiepe Electric and a business combination with PERAC, aims to become a global leader in sustainable urban transportation. The company will host an investor call on August 7, 2024, to discuss these results and provide a 2024 operational update.
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