UK investors could have a new way to access the growing electric vehicle (EV) market, as Strip Tinning, a supplier of specialist connectors for EV battery packs, is looking to float on London's junior market.
With broker Singer Capital Markets advising, the Birmingham-based company announced its plans to float on AIM but did not yet confirm how much money it intends to raise.
Historically focused on manufacturing specialist flexible electrical connectors related primarily to heating and antennae in cars, family-run Strip Tinning has in recent years pivoted to providing the connection of the cells within EV battery packs.
It uses flexible and lightweight printed circuit technology that also has growing application elsewhere within vehicles.
"The transition of the automotive sector towards EV is providing additional significant new growth opportunities for the group's electrical connectivity solutions with battery-related products representing the principal opportunity," it said in its stock market announcement.
In 2019, it launched its 'ST Flex' arm to focus on these new opportunities, "drawing on its experience with flexible printed circuit connectors to provide connectivity between vehicle batteries and multiple cells and other lightweight, easy to package connector solutions".
Founded by Cecil Barton in 1957, the company is now led by his son Richard who joined in 1984 when the business had four employees in total, and he has since grown the business to over 130 members of staff, with customers spanning the entire global automotive market, including EV market leader Tesla Inc (NASDAQ:TSLA).