Welcome to our dedicated page for Heramba Electric plc news (Ticker: PITA), a resource for investors and traders seeking the latest updates and insights on Heramba Electric plc stock.
Heramba Electric plc (PITA) drives innovation in sustainable transportation through advanced electrical systems for rail and electric buses. This dedicated news hub provides investors and industry stakeholders with timely updates on corporate developments, strategic initiatives, and technological breakthroughs shaping the future of emission-free mobility.
Access authoritative coverage of earnings announcements, product launches, and partnership agreements alongside regulatory filings and sustainability reports. Our curated collection ensures transparent tracking of the company's progress in decarbonizing public transport through solutions like in-motion charging and smart hybrid traction systems.
Key updates include advancements in electric bus infrastructure, rail system electrification, and global expansion efforts. The repository serves as an essential resource for monitoring Heramba Electric's engineering milestones and market positioning within the rapidly evolving clean transportation sector.
Bookmark this page for streamlined access to verified information directly impacting investment analysis and industry benchmarking. Regularly updated content supports informed decision-making for stakeholders tracking the electrification of mass transit systems worldwide.
Heramba Electric plc (NASDAQ:PITA) has received a notification from Nasdaq indicating non-compliance with the minimum Market Value of Listed Securities (MVLS) requirement of $35 million. The company has been granted a 180-day compliance period until September 17, 2025 to regain compliance by maintaining an MVLS of $35 million or more for at least ten consecutive business days.
This notice follows earlier challenges, including a delinquency notification received on March 17, 2025, regarding non-compliance with the minimum bid price requirement of $1.00 per share. Additionally, the company's subsidiary Heramba filed for insolvency proceedings on January 30, 2025, following payment demands of approximately EUR 24,855,000 from KB GmbH related to a previous Share Purchase Agreement.
Heramba Electric plc (NASDAQ:PITA) has received a notice from Nasdaq on March 11, 2025, indicating non-compliance with the minimum bid price requirement. The company's shares have traded below $1.00 for 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2).
The company has until September 8, 2025 to regain compliance by maintaining a closing bid price at or above $1.00 for a minimum of 10 consecutive business days. During this 180-day period, PITA shares will continue trading on Nasdaq uninterrupted.
This notification follows recent challenges, including an insolvency filing by subsidiary Heramba GmbH on January 30, 2025, after receiving demand letters from KB GmbH for approximately EUR 24,855,000 plus interest related to a previous Share Purchase Agreement.
Heramba Electric's subsidiary Kiepe Electric has received an order from Vossloh Rolling Stock to equip eleven DE 18 diesel-electric shunting locomotives with SmartHybrid battery drives. This innovative system replaces additional diesel tanks, offering low-emission and low-noise operation. Key benefits include:
1. Higher availability and energy efficiency
2. Up to 25% reduction in fuel costs
3. Reduced maintenance costs
4. Zero-emission operation in sensitive areas
5. Extended start-stop function for reduced emissions
The SmartHybrid system allows for up to one hour of emission-free shunting operations and three hours of auxiliary unit power supply when the diesel engine is off. This partnership demonstrates Heramba Electric's commitment to cleaner, sustainable transportation solutions in the rail industry.
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.
