Gigafactory target

AMTE Power eyeing ‘significant milestones’

Kevin Brundish
Kevin Brundish: important steps

Thurso-based battery developer AMTE Power said it expects a decision this year on the location of its gigafactory with production beginning in 2025.

Three potential sites have been identified in the UK, with engagement underway with local authorities and design development. Dundee is believed to be on the list.

Turnover for the half year was £ 0.81 million, up 31 % (H1:2021: £0.62 million). The company reported a loss before tax of £2.65m (H1 2021: loss £1.46m)

Kevin Brundish, CEO, said: “A year on from listing we have used our proven cell manufacturing expertise to forge our clear pathway to full commercialisation as the market leader in advanced battery cells focusing on the huge global markets of energy storage and high-performance automotive sectors.

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“We have invested in ongoing development, increased cell production rates, and developed commercial relationships and partnerships as well as refined our plans during the past six months. We anticipate that significant milestones will be achieved during 2022. 

“AMTE is an exciting, commercially advanced business, with a depth of operational expertise and management know-how to deliver on its plans and looks forward to engaging with key stakeholders as we achieve important steps in the business’ evolution.”

Daily Business Comment: Despite AMTE Power making rapid progress and signing up for some key government initiatives, the market has not been kind to its investors with the shares on a downward trajectory since the IPO last March.

The company placed shares in an oversubscribed issue at 175p, giving it a market capitalisation of £61m. The shares raced to a quick premium on the first day of trading, closing at 233p, adding £20m to the company’s value. After peaking at 330p they have been heading downwards.

Following today’s half-year figures they fell a further 4.50p (4.86%) to close at 89.5p, just off their year low of 88p and valuing company at £31m.

AMTE Power is at the early stage of a new industry so there are obvious uncertainties around its, and the battery sector’s prospects, though given projections for electric vehicle growth there should be plenty of upside.

However, Mr Brundish is promising ‘significant milestones’ this year which cannot come soon enough for those investors who took part in the offer last year and have stood by the company while the value of their holding has shrunk.

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