secures healthy investment of £2.1 million
Summary
Reflective of this progress the Company was recently awarded a grant from Innovate UK to support the development of lower cost designs for its lightweight, highly power-efficient ElectroAcoustic Panels. Targeted manufacturing cost reductions will enable the Company to significantly expand the reach of its technology from premium to mass market vehicles. Government regulations and new cash flow pressures are requiring OEMs to rationalise model ranges to reduce costs and to focus on accelerating developments of Electric Vehicles (“EVs”). “The recent investment in Warwick Acoustics and the award of an Innovate UK grant under highly competitive conditions recognise the class leading weight savings and power efficiency of our high- performance, patented ElectroAcoustic Panel technology. With this combined funding, we are in an excellent position to take the next step in our goal of disrupting the way in which in-car entertainment is delivered.” Mark Payton, Chief Executive Officer at Mercia, commented: “We believe Warwick Acoustics has a compelling product set and is well positioned to capitalise on both the increasing demands from the automotive industry for smaller, lightweight, quality audio as well as similar trends from consumers.