Strip Tinning secures temporary EV parts nomination

8th Nov 2023 11:41

(Sharecast News) - Specialised automotive connection system supplier Strip Tinning has received a serial nomination for producing parts within its electric vehicle (EV) business, it announced on Wednesday.

The AIM-traded firm said the nomination pertained to providing flexible printed circuits (FPCs) to a prominent European manufacturer specialising in advanced battery systems.

It said the FPCs would be used in mobile battery applications, serving sectors including catering, construction, and film industries.

Scheduled to start in December and continue until the end of 2025, the nomination carried an estimated total sales value of $1m.

Notably, Strip Tinning said it was stepping in as a replacement for a non-European supplier, accounting for the relatively shorter nomination duration within the product life cycle.

Despite the temporary nature of the nomination, Strip Tinning said it was confident, based on its growing pipeline of opportunities in all divisions, that it would secure a significant EV nomination in early 2024.

"Securing this EV nomination with a prominent new customer is a demonstration of the momentum we are seeing across the business," said executive chair Adam Robson.

"The order book across both divisions continues to build and we remain focused on converting our substantial sales pipeline."

At 1100 GMT, shares in Strip Tinning Holdings were flat at 45.2p.

Reporting by Josh White for Sharecast.com.