Daily Manufacturing News Digest – the industry stories you should be aware of today

Posted on 10 Aug 2023 by The Manufacturer

Each day The Manufacturer compiles the top manufacturing news stories from around the web. To make your life a little easier, we trawl through all the major trade publications, broadsheets and business magazines to find you the most important manufacturing news each morning. Don't forget to bookmark this page and check back daily.

Used car market electrifying as EV sales soar in second quarter

The UK’s used car market rose by 4.1% during the second quarter of the year, with 1,832,267 units changing hands, according to the latest figures published by the Society of Motor Manufacturers and Traders (SMMT).

The increase equates to an additional 72,583 transactions compared with the same period in 2022, reflecting sustained growth in the new car market and improving availability. Find out more on The Manufacturer

Landmark $67m investment for Cornish Lithium

Cornish Lithium has announced a $67m (£53.6m) initial investment from a group of leading institutional investors led by the UK Infrastructure Bank alongside The Energy & Minerals Group (EMG) and TechMet.

In its first direct equity investment, the UK Infrastructure Bank will invest approximately £24m ($30m equivalent) into the development of the UK’s critical minerals supply chain with EMG, a US-based private equity fund focused on the energy and minerals sectors, also investing around £24m ($30m equivalent). Find out more on Cornish Lithium

Microplastic filtration company Matter secures $10m investment

Microplastic filtration company Matter has secured a $10m investment to unlock the next chapter in sustainable laundry and the removal of microplastics from wastewater.

This funding round will enable the Bristol-based company to scale its microplastic filtration technology and accelerate its roadmap of solutions for commercial and industrial applications capturing microplastics that would otherwise end in sewage sludge to be used as fertilizer or incinerated, and enabling a fully circular solution. Find out more on The Manufacturer

£50m UK Export Finance loan guarantee helps Trifast further expand its global reach

A guarantee from UK Export Finance (UKEF) has secured a £50m loan for global industrial fastenings group Trifast, a UK listed PLC. This builds on £3.5bn of new, direct support which UKEF gave to the UK manufacturing sector in 2022-23.

The Export Development Guarantee issued by UKEF backs financing arrangements from HSBC, NatWest, and Citi that will support Trifast in developing its export business. Find out more on GOV UK

British microchip champion looking to raise £100m as it plots move away from UK

A taxpayer-backed microchip champion is launching a £100m fundraising drive as it expands its US operations following warnings over Britain’s meagre support for the industry.

Pragmatic Semiconductor, which set up a US subsidiary in February, is seeking fresh investment as it seeks to start building facilities across the Atlantic. Find out more on MSN

New CFO appointed at Sheffield Forgemasters

Amy Grey has been appointed as Chief Finance Officer (CFO) on the board of Sheffield Forgemasters.

Amy joined Sheffield Forgemasters in May 2022 as Finance Director but has operated as interim CFO since April 2023 and is a UK qualified accountant (CIMA) with 21 years’ experience including 10 years at executive team level. Find out more on The Manufacturer