Strip Tinning Holdings PLC on Thursday said it has secured a grant of up to £1.4 million from the UK government.
Shares in the Birmingham-based electrical connectors for the automotive sector were up 7.2% to 77.75 pence each in London around midday on Thursday.
Strip Tinning explained that the grant has been secured through the UK government, via the Advanced Propulsion Centre Scale-up Readiness Validation competition. It will be received in six quarterly drawdowns covering the period to end of January 2024.
The SuRV competition, in which 22 UK-based projects have been awarded funding, forms part of the UK’s Automotive Transformation Fund, with recipients of grants working on projects which could grow to large-scale manufacturing projects.
Strip Tinning said the ATF has also pledged up to £1 billion towards ‘high-value, end-to-end electrified automotive supply chain in the UK,’ underlining the market opportunity within the EV space.
The company added that the grant will be used for the development and validation of a pilot production system for the manufacturing of its Cell Contacting & Management System product.
‘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,’ it explained.
Strip Tinning added that 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.’
Chief Executive Richard Barton said: ‘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.’
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