Tewkesbury company signs £multi million manufacturing agreement with electric vehicle manufacturer

Trackwise

Tewkesbury-based manufacturer Trackwise has signed a three-year product manufacture and supply agreement with a UK manufacturer of electric vehicles. The agreement has the potential to be worth up to £5 million in 2021, and up to £38 million by 2023.

Trackwise is a leading provider of specialist products using printed circuit technology. The agreement is for the supply of the manufacturer’s Improved Harness Technology-enabled (“IHT”) flexible printed circuit boards for use in high and low voltage circuits in vehicle battery modules and battery packs, reducing part count and assembly time while saving on space and weight. The agreement is Trackwise’s first for full series production for its IHT products.

The agreement could be worth up to £38 million over the period to 31 December 2023 and  follows an initial order of approximately £0.6 million announced on 24 February 2020.

Philip Johnston, CEO of Trackwise,said: “This is a very significant commercial milestone for Trackwise. Our customer is at the forefront of driving the adoption of sustainable technologies and the selection of Trackwise to help power its vehicles at scale is a fantastic endorsement of our technology.

“With our manufacturing capacity and capability recently improved, we look forward to continuing to support our customer as it looks to build out its transportation ecosystem in the coming years.

“At the same time, the number of opportunities for the application of IHT elsewhere in the electric vehicle industry and across our other target markets continues to grow at a healthy rate.

Earlier this year, Trackwise, which floated on the London Stock Exchange in 2018, reported a drop in revenues from £3.87 million in 2018 to £2.91 million last year, but revenues from its Improved Harness Technology, the key growth area for the company, were up 55 per cent to £0.94 million.

Last year Trackwise signed a collaboration with Solihull-headquartered GKN Aerospace, the world’s leading multi-technology tier 1 aerospace supplier, and also saw the emergence of the medical appliance sector as a growth area.

 

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