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11 Feb 2025 07:00
11 February 2025
Strip Tinning Holdings plc
("Strip Tinning" or the Company")
Update on Battery Technologies Nomination
$780,000 C Sample order received on schedule
Strip Tinning Holdings plc (AIM: STG), a leading supplier of specialist connection systems to the automotive sector, is pleased to confirm that its customer, a leading German Tier 1 supplier of automotive motion technology to the US based autonomous vehicle programme, has now placed an order for the C-samples as planned. The US vehicle manufacturer is wholly owned by one of the world's largest corporations and is currently running trials on public roads in three US cities.
The order, valued at $780,000, covers the supply of the Cell Contact System (CCS) for the vehicle's battery pack modules.
This major nomination win, with an expected lifetime value of £43.0 million, was first announced on 6 June 2024. In December, in response to customer requests for added functionality into the product designs, the Company announced revised prices had now been agreed with the customer for this programme which increased the expected lifetime value to £56.8 million, with likelihood of further volumes which would potentially increase the final lifetime value to £60.0 million.
Adam Robson, Executive Chair of Strip Tinning, commented:
"We are pleased to have reached this next important milestone as we, our customer, and the vehicle OEM prepare for the start of production in 2026."
Enquiries:
Strip Tinning Holdings plc Via Alma
Adam Robson, Executive Chair
Mark Perrins, Chief Executive Officer
Kevin Edwards, Chief Financial Officer
Singer Capital Markets (Nominated Adviser and Sole Broker) +44 (0) 20 7496 3000
Rick Thompson
James Fischer
Alma (Financial PR) striptinning@almastrategic.com
Josh Royston +44 (0) 20 3405 0205
Joe Pederzolli
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