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AMTE Power on the brink of collapse

AMTE Power on the brink of collapse

Business news |
By Nick Flaherty



UK battery maker AMTE Power is on the brink of collapse this week as it struggles to find additional funding.

The company, which develops and makes lithium-ion and sodium-ion battery cells for specialist markets, has been in discussions with existing and potential investors concerning raising further finance. However, the company’s financial situation is becoming ever more critical.

Without that additional funding the company will see administration and restructuring or the sale of its assets. “Should the company be unable to secure additional funding, the prospects for recovery of value, if any, by shareholders would be remote,” it said in a statement.

The company had been awarded a grant of £398,000 for the production of cells at the UK Battery Industrialisation Centre. However the grant is only accessible on completion of defined production and the company is still waiting for details of the award and the funding conditions.

AMTE power had been looking to build a battery factory in Dundee to make cells. However it has had a problem with its lithium ion-based Ultra High Power Cells.

In the certification testing the cell met all of the A-Sample target performance requirements, but a manufacturing defect meant the certification process of the cells has been halted. The root cause of the defect, which the company calls minor, has been identified, and the plan was for cells from the next production batch from the factory in Thurso, Scotland, to be used to certify the product. That production run was planned for the third quarter 2023 should funding be found for the business.

The company has also received transportation certification for its sodium-based cells.

“Further announcements will be made as and when appropriate,” it said.

www.amtepower.com

 

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