AMTE Power, which has a factory in the north of Scotland, UK, was one of the early technology partners of BritishVolt but is now looking at building its own Gigafactory following an IPO in March that raised £12.0m.
The company had a turnover of £2.0m in 2021, up from £1.3m the previous year, with a loss of £3.0m.
“Production expansion plans for a UK Gigafactory (initially 2GWh increasing to 10GWh and beyond over time) have made substantial progress,” it said in its results this week. “The Group has engaged with local authorities for regions with preferred sites and national funding sources to secure government grants and developed detailed designs. The Group expects to confirm the site of its UK based Gigafactory and government funding support in 2022. Constructive collaboration and dialogue with a wide range of commercial partners are providing underlying confidence in the route to commercialisation for the Group’s portfolio of battery products.”
All three of the Group’s highly differentiated battery cells in development made good progress during the year and remain on track for one to be released in each of the next three years. In June AMTE Power was selected as the lead in a new Government funded three-year project called ULTRA focused on bringing two AMTE Power lithium-ion batteries to automotive readiness alongside key brands. BMW and Arrival sit on the project steering group.
The active engagement mix has moved away from development towards commercial supply engagements, up over the six months to 30 June 2021 from 9 to 19 out of a total of 68 active engagements said the company.
Product releases will provide increasing visibility on scale and timing of prototype and product revenues.
“This has been a successful period for the business. While the IPO was a major focus and success for the Company, we have also made excellent progress towards commercialising our portfolio of battery products,” said Kevin Brundish, CEO of AMTE Power. “We are collaborating well with Government funded organisations, tasked with accelerating the UK’s move away from fossil fuels to battery power, such as Automotive Propulsion Centre, the Faraday Institute and the UK BIC. Our products are being tested with these bodies and commercial partners for being suitable for large scale manufacture as well as being capable of meeting the commercial needs of our future customers.”
“The Government is actively driving the UK to become a leading centre for battery production and future innovation. Based on our direct conversations with government and their public statements, we believe they continue to be fully committed and this makes for an ideal backdrop for AMTE Power to deliver on our plans,” he added.
Unlike BritishVolt, which is part of a project for an automotive battery cell with a silicon anode, the AMTE plans cover a range of battery technology for other applications. “We continue to focus on the development of multiple cells for a variety of specialist markets, not just automotive, all with sufficient scale to make them highly commercially attractive.”
The company has announced a joint venture with InfraNomics in Australia targeting the energy storage sector. The venture, called Bardan Cells, will operate from Australia’s “Lithium Valley” Kwinana Industrial Area, and has plans to build and fund a 200,000 cell micro production line as a forerunner to establishing a 1-2GWh pernnum Gigafactory.
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