RCS - Strip Tinning Hldgs - £1.4 million Grant Secured

Strip Tinning HoldingsAnnouncement

08/09/2022 07:00

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RNS Number : 6893Y  Strip Tinning Holdings PLC  08 September 2022

 

08 September 2022

Strip Tinning Holdings plc

("Strip Tinning" or the "Company")

£1.4 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 £1.4 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 £1 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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