Strip Tinning secures £0.86m UK government grant

(Sharecast News) - Strip Tinning announced on Wednesday that it has secured a £0.86m grant as part of the UK government's 'DRIVE35' initiative, administered through the Advanced Propulsion Centre's APC26 programme, which supports the industrialisation of net-zero automotive technologies. The AIM-traded firm said the funding would support its role in the Inter Connected Cell Assembly project, where it would develop sensing and communication systems linking individual battery cells to a battery management system.

It said the technology was intended to support emerging battery passport requirements.

The project, which starts in the third quarter and would run for two and a half years, is part of a high-profile consortium that includes Jaguar Land Rover, Warwick Manufacturing Group, Lubricants UK, and Novelis.

Grant funding was subject to final conditions including financial due diligence, a signed collaboration agreement, and receipt of a formal grant offer letter.

At 0813 BST, shares in Strip Tinning Holdings were up 9.09% at 30p.

Reporting by Josh White for Sharecast.com.