10th Aug 2026 11:35
(Alliance News) - Strip Tinning Holdings PLC on Monday announced that it has won a GBP3 million grant under the UK government's 'DRIVE35' funding programme.
In response, its shares shot up to trade 56% higher at 35.00 pence late on Monday morning in London.
The Birmingham, England-based provider of connection systems to the automotive sector noted that the GBP4 billion 'DRIVE35' scheme is being delivered by the government's Department for Business, Innovation, Science & Trade, in partnership with Innovate UK and Advanced Propulsion Centre UK.
Strip Tinning said the grant funding will be key to helping it scale its UK manufacturing capability, develop specialist skills, and deliver its Cell Contacting System technology to international partners.
"The successful award of this grant combined with the company's own funding provides the resources needed to meet expected demand from existing contracts in 2027 and beyond together with a platform for further growth," Strip Tinning added.
It noted that it will have to meet project start-up requirements and receive a grant offer letter for the funding to be committed.
"The projects announced today demonstrate the depth of innovation and engineering excellence that exists across the UK automotive sector," commented APC Chief Executive Ian Constance. "Through DRIVE35, we are supporting businesses to move promising technologies to commercial deployment and manufacturing at scale.
"This investment...is about strengthening the UK's capability to design, develop and build the technologies that will define the vehicles of the future. By bringing together industry, government and academia, DRIVE35 is helping create the conditions for long-term growth, increasing investor confidence and reinforcing the UK's position as one of the world's leading destinations for automotive innovation."
By Emma Curzon, Alliance News reporter
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