Strip Tinning Holdings PLC GBP1.4 million Grant Secured
08 Setembro 2022 - 03:01AM
RNS Non-Regulatory
TIDMSTG
Strip Tinning Holdings PLC
08 September 2022
08 September 2022
Strip Tinning Holdings plc
("Strip Tinning" or the "Company")
GBP1.4 million Grant Secured
Strip Tinning Holdings plc (AIM: STG), a leading supplier of
specialist connectors to the automotive sector, announces that the
Company has successfully secured a share of government funding
through the Advanced Propulsion Centre ("APC") Scale-up Readiness
Validation ("SuRV") competition. The Company has secured a grant of
up to GBP1.4 million, which will be received via six quarterly
drawdowns covering the period to end of January 2024.
The SuRV competition, in which only 22 UK-based projects have
been awarded funding, forms part of the UK's Automotive
Transformation Fund ("ATF"), with recipients of grants working on
projects which could grow to large-scale manufacturing projects.
The funding is a clear endorsement of Strip Tinning's capabilities
and harnesses future growth ambitions. With the ATF also pledging
up to GBP1 billion towards high-value, end-to-end electrified
automotive supply chain in the UK, today's announcement underlines
the significant market opportunity which lies within the
fast-growing growing EV space in which the Company operates. Strip
Tinning is well-positioned within the sector and is confident in
its ability to exploit continued strong demand for EV production
moving forwards.
The grant will be used in its totality towards the development
and validation of a pilot production system for the manufacturing
of our Cell Contacting and Management System (CCMS) product. The
grant award must be drawn down by 31 January 2024 and in turn scale
up the Company's production capabilities. The CCMS product is an
integral part of the power electronics system in battery electric
vehicles, providing electrical connectivity and utilising an array
of sensors and other surface mount electronics devices to monitor
the performance and safety of batteries. The project will produce a
pilot production line capable of 80,000 units per year, presenting
a clear route to scale up and secure increased market share.
Julian Hetherington, Automotive Transformation Director,
Advanced Propulsion Centre commented:
"This announcement underlines the commitment to support the
automotive sector, one of the UK's strategically important
industries, as it makes an unprecedented transition towards net
zero. I am proud of the role the Automotive Transformation Fund is
playing in unlocking opportunities for investment, and the projects
chosen here all have real potential to scale-up to something
significant. Through our support, we aim to encourage and de-risk
subsequent private investment by demonstrating that these
innovative products and technologies work at scale."
Richard Barton, Group Chief Executive Officer of Strip Tinning,
commented:
"I would like to sincerely thank the Automotive Transformation
Fund for recognising Strip Tinning's expertise in the EV space and
providing us with funding to take advantage of the market
opportunity. The market continues to grow at an exponential rate,
with the transition to electric vehicles inexorable and we are
delighted that the Government is committed to ensuring Britain's
leadership in this field. Our longstanding, established reputation
as a leading supplier of components to the automotive sector,
alongside our proven capability in nascent EV technology positions
us well for the future."
Enquiries:
Strip Tinning Holdings plc
Via Alma PR
Richard Barton, Chief Executive Officer
Adam Le Van, Chief Financial Officer
Singer Capital Markets (Nominated Adviser and Sole Broker) +44
(0) 20 7496 3000
Rick Thompson
Will Goode
Alex Bond
James Fischer
Alma PR (Financial PR) striptinning@almapr.co.uk
Josh Royston +44 (0) 20 3405 0205
Joe Pederzolli
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