Business

Mallusk-based Tribe Tech admitted to the London Stock Exchange

One of Tribe Technology's reverse circulation drill rigs.
One of Tribe Technology's reverse circulation drill rigs. One of Tribe Technology's reverse circulation drill rigs.

CO Antrim manufacturer Tribe Technology has been admitted to the London Stock Exchange.

The Mallusk-based autonomous mining equipment maker was admitted to the AIM sub-market with a market capitalisation of approximately £22.2 million.

It joins a small number of publicly listed companies based in Northern Ireland, including Kainos, FD Technologies, Diaceutics and Fusion Antibodies.

Tribe Tech announced it had successfully raised £4.6m from the listing, which it said will be used to fulfil its existing order book, and increase the group’s level of inventory, ‘pursue the group’s product and technology road map, and expand engineering, sales, and support staff.

Tribe Technology was originally set up in Western Australia during 2019 by Crossgar native Charlie King.

He later relocated the firm’s base of operations to Northern Ireland and secured an offer of just under £1m of support from Invest NI.

Read more:

  • Co Antrim manufacturer Tribe Technology to float on London Stock Exchange
  • Aussie firm leans on north's heavy manufacturing expertise to open new rig facility
  • Tribe Technology closes series A funding round

Commenting on Tuesday morning, Mr King, said: “We are delighted to announce our admission to trading on AIM today.

“We believe that AIM is a natural fit for Tribe Tech, with its international investor base and proven track record for helping technology companies achieve their growth ambitions. 

“Our technology is the solution to the reverse circulation (RC) drill rig market for improving efficiency and safety in the rapidly changing world. Today marks an important milestone for Tribe Tech.

“We are excited to be working towards the completion of our first autonomously operated drill rig later this year.”