Business
£1.4 million Grant Secured
£1.4 million Grant Secured.
About this update from Strip Tinning Holdings Plc
[{"type":"text","content":"\n \n \n \n \n \n 08 September 2022\n \n \n Strip Tinning Holdings plc\n \n \n (\"Strip Tinning\" or the \"Company\")\n \n \n £1.4 million Grant Secured\n \n \n 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.\n \n \n 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.\n \n \n 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.\n \n \n \n Julian Hetherington, Automotive Transformation Director, Advanced Propulsion Centre commented:\n \n \n \n \n \"This announcement underlines the commitment to support the automotive sector, one of the UK's strategicall...