Tewkesbury-based printed circuit technology manufacturer Trackwise Designs plc has raised £7 million from investors.
Philip Johnston, CEO of Trackwise, said: “We appreciate and recognise the continuing support shown by existing investors and welcome new shareholders to Trackwise. This Open Offer has allowed those shareholders not participating in the earlier Placing and Subscription to continue to invest in Trackwise and we are delighted with the interest shown. The combined proceeds of £7 million from these fundraises will enable the delivery of a step change in our Improved Harness Technology (IHT) commercial proposition.”
In July, Trackwise broke its own record for the world’s longest multi-layer flexible printed circuit (FPC), delivering a 72 metre FPC for an industrial application. Constructed using a polyimide base laminate with copper elements, and finished with an organo-metallic layer to protect against oxidization, the final circuit, and the exceptional circuit consistency, was made possible thanks to their patented Improved Harness technology.
The company is also fitting out a 77,000 sq ft freehold property at Stonehouse in Gloucestershire, which it bought last year.
The new site will enable Trackwise to significantly increase its production capacity to meet the expected demand for its Improved Harness Technology. In September 2020 the Company signed a Product Manufacture and Supply Agreement with an electric vehicle (EV) original equipment manufacturer and expects future orders from customers in its targeted medical, aerospace, EV and also other industrial markets.
Trackwise is installing an automated roll-to-roll IHT production line at the site with the intention of it being operational in the fourth quarter of this calendar year. The site has capacity for the installation of a second line in the future.