Merseyside manufacturer of carbon fibre reinforced ceramic brakes for high performance cars, Surface Transforms (ST), has raised £8.3m through a new share placing.
And ST, which operates from a factory in Knowsley and is listed on the Alternative Investment Market, said it intended to raise a further £2m. It will use the cash for working capital to continue to build production capacity to service its £390m order book.
Earlier this month ST revealed sales for the four months to October 31 were £3m, bringing year-to-date sales for the period to October 31, 2023 to £6.3m. In October it announced a new contract worth more than £100m.
Surface Transforms plc (LON:SCE) is a manufacturer of next-generation carbon-ceramic brake discs for automotive and aircraft applications and has been certified to IS9001-2000 since 2008 and was certified to TS16949 automotive quality accreditation and AS9100C aerospace quality accreditation in 2015.