CFO may quit

‘Huge interest’ drives AMTE Power to expand

AMTE Dundee (plan)
AMTE Power unveiled its megafactory plan last month

Battery developer and manufacturer AMTE Power said it has seen ‘huge customer interest’ in its products and is looking to bolster its senior executive and wider management team to build its skills capacity.

Hiring a new chief financial officer could be on the agenda after James Hobson advised that he has received an approach concerning a new role, which he is considering.

The Thurso-based company said he would not leave until 30 November and will play a full and active role in the business and support a seamless transition to his successor.

AMTE Power last year became one of the first to access the publicly funded £130 million UK Battery Industrialisation Centre (UKBIC), under a new framework agreement.

It said today that discussions are ongoing with the UKBIC, with the expectation of initial customer purchase orders being contracted later in the year, followed by larger volume contracts, underpinning the construction of its planned Dundee megafactory.

It plans to have the 0.5GWh plant ready within three years. The facility will be capable of producing more than eight million cells a year with a revenue stream in excess of £200m.

The company said the factory can be profitable at a smaller scale than the size of factories at multiple GWh size, benefiting from quicker commissioning time, more flexibility in location, less investment and a faster path to profitability. AMTE Power considers this as a strong stepping- stone towards building gigafactories in the future.

It has received an indicative offer from Scottish Enterprise regarding a potential package of funding and business support and discussions continue towards a final grant. The company said it will provide further updates as appropriate.

Follow Daily Business on Linke

The Australian joint venture company, Bardan Cells, continues to pursue its commercialisation strategy to manufacture, leveraging the Ultra Storage cell which is planned to be completed in the calendar year.

Kevin Brundish, CEO, said: “It is an exciting time for AMTE Power. We are on the cusp of commercial volume production for our high-value cells, and we continue to see a huge amount of customer interest in our products. Our products and expertise will play a fundamental part in the UK energy transition, and we remain passionate about reaching a net zero economy.

“We are today confirming that the business is trading in line with our expectations. Looking ahead, the AMTE Power team is working incredibly hard on all fronts to deliver on our range of products and strategic goals. We look forward to keeping all stakeholders updated on our future successes.”  

The board said the company is trading in-line with its expectations and expects to announce its full year results for the year ended 30 June 2022 in November.

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.