StockMarketWire.com - Printed circuit technology product supplier Trackwise Designs said it had signed a three-year manufacture and supply agreement potentially worth up to £38m with a UK manufacturer of electric vehicles.

The work had the potential to be worth up to £5.0m in 2021, and with the expectation of increased revenues in 2022 and 2023, the company said.

It involved the supply of Trackwise's flexible printed circuit boards for use in high and low voltage circuits in the manufacturer's vehicle battery modules and battery packs.

The agreement included annual volumes, and certain payments to Trackwise in the event of lower volumes.

Trackwise said that in the event that all contracted volumes were achieved the agreement would be worth, subject to annual pricing reviews, up to £38m over the period to 31 December 2023.

'Whilst material payments to Trackwise will be due in the event of lower volumes, this potential up to £38m total revenue value is not guaranteed in total as it is conditional on, inter alia, orders placed, supply, and annual pricing reviews,' it added

The agreement could be terminated by either party after 31 December 2023.



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