Trackwise Designs, the Tewkesbury based business which makes products using printed-circuit technology, has raised £6 million via a placing and share subscription of 7.5 million new ordinary shares priced at 80 pence.
The company has also said that it proposes to raise up to a further £1 million.
The company said it is continuing the fit out of its Stonehouse property in Gloucestershire to increase production capacity to meet the expected demand for its IHT (Improved Harness TechnologyTM) products thanks to a contract with an original equipment manufacturer of electric vehicles.
The Stonehouse site is expected to be in production at the end of Q1 2022 and fully operational by June 2022.
The fundraising will fund capital expenditure and provide additional growth working capital.
Philip Johnston, CEO of Trackwise, said: “We appreciate and recognise the continuing support shown by existing investors and welcome new shareholders to Trackwise. 2021 has been a challenging economic environment for businesses who are delivering innovation; nevertheless 2021 will be a record year for IHT sales by a considerable margin. Having received the 2022 production forecast from our EV OEM customer, together with the purchase order for Q1 2022, and with our Stonehouse facility progressing well, we look forward to commencing production. This fundraise will enable the delivery of a step change in our IHT commercial proposition.”