Not content with powering possibly the world’s fastest electric car, Yasa Motors is aiming for mass production.

The Oxford University spin-out company has kitted out an ex-warehouse at Milton Park, Didcot, with 20-30 times its previous production capacity, and plans to increase its workforce from 20 to 30 by the end of the year.

Chief technical officer Tim Woolmer said: “We have potential to make a lot more motors and take on more people.”

The company has won the £50,000 Lloyds TSB Enterprise Award, as the UK business with the most potential for growth over the next five years.

Four of Yasa’s revolutionary lightweight electric motors are used by Oxford entrepreneur and former Labour minister Lord Drayson in his Lola-Drayson B12/69 EV racing car, giving it a top speed 200 mph, and 0-60mph in three seconds.

County firm Drayson Engineering aims to enter the car in the first electric racing car championship, Formula E, next year.

Dr Woolmer said: “We mainly sell to motorsport and niche applications – people making five to 10 demo electric vehicles or race bikes – selling hundreds rather than thousands. But the company sees its future in high-volume automotive.”

Yasa won the Lloyds TSB award after 16 finalists completed a three-minute pitch to judges.

The company is part of two Government consortiums to develop a commercially viable motor.

Other vehicles it is powering include the Delta E4 Coupe prototype, iRacer, launched by Westfield Sportscars and Ion Horse bike, which came third in the 2011 Isle of Man TT Zero race.