Warwick Acoustics secures major automotive contract
Audio products designer Warwick Acoustics has secured its first production contract with a leading global luxury vehicle manufacturer, investor Mercia Asset Management has announced.
The multi-year contract is with a global top 10 luxury manufacturer and is a major milestone for Warwick Acoustics, validating the performance and scalability for its proprietary automotive audio system, which is based on electrostatic transducers.
The contract will initially be for two vehicle programs and will be delivered via a significant expansion of Warwick Acoustics' design, development and manufacturing capabilities.
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Warwick Acoustics' automotive audio systems, based on its patented ElectroAcoustic panels, give vehicle owners an outstanding audiophile experience, while enabling vehicle manufacturers to benefit from an audio system that is significantly lighter in weight than is traditionally found in vehicles.
Warwick Acoustics' ElectroAcoustic panels also use less energy, do not require rare earth materials and can be easily recycled at the end of a vehicle's life; key attributes as the automotive industry transitions to electric vehicles and increases its focus on environmental sustainability.
Mercia holds a fully diluted direct stake of 40.3 per cent in Warwick Acoustics.
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Mark Payton, CEO of Mercia Asset Management PLC, said: "Warwick Acoustics has already secured development contracts from five global automotive OEMs, but this landmark achievement represents the first transition of these into a commercial production agreement, following extensive evaluation and testing.
"We first backed this University of Warwick spinout through our managed funds in 2009, as it sought to develop high-end headphones that have received global recognition and are sold worldwide.
"We first invested from our balance sheet in 2014 and have supported Warwick Acoustics as it resolved numerous technical and manufacturing challenges to reach the position they are in today - ready to revolutionise the passenger acoustic experience in high-end, sustainable vehicles."
