Surface Transforms raises £80k for parts production

SURFACE Transforms, which produces brakes used in jet fighters and supercars, has raised £80,000 through a share placing, which it will use as working capital to increase its inventory of “critical” parts.

The Ellesmere Port-based company has placed 800,000 new shares at 10p each with existing shareholders, including directors and senior management of the company.

It said the funds would be used as additional working capital for its carbon vapour infiltration process, part of the company’s proprietary process for manufacturing silicon carbide brake discs and components.

The company said it needed to increase the levels of inventory of components and spares relating to the CVI process, a critical stage in the manufacture of silicon carbide components.

“Process downtime is minimised by having ‘mission critical’ inventory and spares available at all times,” it said in its stock market announcement.

The new shares will represent around 3.3% of the company’s enlarged share capital.