Strip Tinning wins £3M UK auto grant as shares jump 56%
What's the deal? Strip Tinning HoldingsDealroom has a profile for this one. Try Dealroom → has won a £3 million grant under the UK government's DRIVE35 funding programme. The Birmingham-based supplier of connection systems to the automotive sector said the funding will help it scale UK manufacturing, develop specialist skills and deliver its Cell Contacting System technology to international partners.
The reaction: Shares shot up 56% to 35.00 pence in late-morning trading in London on Monday.
Who's behind it? The £4 billion DRIVE35 scheme is being delivered by the UK Department for Business and TradeDealroom has a profile for this one. Try Dealroom → in partnership with Innovate UKDealroom has a profile for this one. Try Dealroom → and Advanced Propulsion Centre UKDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Strip Tinning said the grant, combined with its own funding, provides the resources "to meet expected demand from existing contracts in 2027 and beyond together with a platform for further growth."
What could go wrong? The company noted it must still meet project start-up requirements and receive a grant offer letter before the funding is committed.
The context: At £3 million, the award ranks in the top 10% of grant rounds for UK transportation companies, based on 828 comparable deals tracked all-time.
The signal: The grant reflects a broader UK push to move promising automotive technologies from development into manufacturing at scale. "This investment...is about strengthening the UK's capability to design, develop and build the technologies that will define the vehicles of the future," said APC chief executive Ian Constance.
Read more: Alliance News
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