24 Feb 2020 07:00
24 February 2020
TRACKWISE DESIGNS PLC
("Trackwise" or the "Company")
First Production Order for IHT
Electric vehicle manufacturer selects IHT for use within vehicle batteries
Trackwise Designs (AIM: TWD), a leading provider of specialist products using printed circuit technology, is pleased to announce it has secured its first production order for its flexible printed circuit technology, Improved Harness Technology ("IHT") for delivery in 2020. This initial order, in support of start of vehicle production, worth approximately £0.6m, follows successful funded development activities last year for this UK-based designer and manufacturer of electric vehicles.
IHT is being used for both HV and LV circuits in the vehicles' batteries, reducing the part count, assembly time, and saving on space and weight.
Philip Johnston, CEO of Trackwise, commented: "The electric vehicle industry is one of a number of growth markets for Trackwise, and we are delighted to have been selected by an innovator in the field. Following successful development work last year, we are pleased to receive our first start of production order for IHT, the next step towards series production of IHT at scale."
Enquiries:
Trackwise Designs plc | +44(0) 1684 299930 |
Philip Johnston, CEO | www.trackwise.co.uk |
Mark Hodgkins, CFO | |
finnCap Ltd | +44(0)20 7220 0500 |
NOMAD and Broker | |
Ed Frisby / Matthew Radley - Corporate Finance | |
Andrew Burdis / Manasa Patil - ECM | |
Alma PR | +44(0)20 3405 0205 |
Financial PR and IR | |
Caroline Forde / Josh Royston / Kieran Breheny |
Notes to editors
Trackwise is an established business that manufactures specialist products using printed circuit technology. The Company consists of two divisions Radio Frequency ("RF") and Improved Harness TechnologyTM ("IHT").
The RF business unit manufactures specialist printed circuits which are primarily used in the antenna infrastructure to support the 4G/5G mobile phone networks. However, the technology has a number of other applications which render the RF business a stable revenue generator.
The IHT division utilises the Company's unique proprietary technology, a patented process that Trackwise has developed to manufacture unlimited length multilayer flexible printed circuits. The Directors believe that the technology has many applications but believe one of its primary uses could be to replace traditional wire harness used in a variety of industries.
Trackwise Designs plc was admitted to trading on AIM on 31 July 2018 with the ticker TWD.
For additional information please visit: www.trackwise.co.uk
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.