Trackwise Designs has raised £6mln with a placing at 80p a share and is after another £1mln with an open offer to shareholders at the same price.

The funds will be used for capital expenditure and working capital.

Trackwise is currently fitting out its Stonehouse property in Gloucestershire to increase its production capacity to meet the expected demand for its harness technology products - a process of manufacturing multilayer flexible printed circuits of unlimited length.

The move is linked to a significant contract with an electric vehicle manufacturer, with a 2022 production forecast and first quarter 2022 purchase order received from the customer.

Chief executive Philip Johnston said: "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 [electric vehicle] customer, together with the purchase order for the first quarter 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."

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