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Trackwises raises funds

The Business Magazine article image for: Trackwises raises funds
16 December 2022
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Tewkesbury-based Trackwise Designs, a leading manufacturer of printed circuit technology, has raised £4.25 million following the placement of shares at 1 pence per New Ordinary Share.

Before the latest fund-raise, Philip Johnston, CEO of Trackwise, said: "It is of course a matter of deep regret that we have found ourselves forced to come to the market on these terms. We very much appreciate the support shown by existing investors and welcome new shareholders to Trackwise. We look forward to commencing production at Stonehouse for our EV OEM customer, and continue to work hard to convert our IHT sales pipeline into new production contracts.

In October, Trackwise entered into a new commercial order with its electric vehicle manufacturer. This new order provided for a £3.99 million advanced payment, received that month, with the balance of the contract value (£3.99 million) due on delivery of the products in 2023.

The company said that its Stonehouse Site factory refurbishment and fit out is now largely complete. Equipment installation and commissioning is nearing completion. The company expects to begin volume production at the Stonehouse Site for the EV OEM customer early nest year with first cash receipts for production parts expected in early April 2023. Production of the New Commercial Order is planned to be complete by July 2023.

The new funding will see Trackwise through to August 2023. These new funds will help provide some contingency cover to deal with any potential risks associated with start of production.

Trackwise said it continues to have a significant pipeline of identified IHT sales opportunities, which includes  more than £1 billion of potential demand for EV battery cell connection systems


Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.

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