Shares crash

AMTE Power ‘needs new finance within four weeks’

AMTE Power Thurso factory
AMTE’s plant in Thurso

Battery developer and manufacturer AMTE Power has warned investors that it needs to raise further finance “within no less than the next four weeks” or they could see their investments wiped out.

The company, which operates from a manufacturing site in Thurso and is planning a gigafactory in Dundee, said active discussions with potential investors are ongoing, but there can be no certainty of the outcome.

“Accordingly, in light of the company’s reducing cash position, should the company be unable to secure additional funding, the prospects for recovery of value, if any, by shareholders would be uncertain,” the company stated in an update.

Shares in the company, which floated on the Alternative Investment Market at 175p in 2021, tumbled 74.9%, or 38.2p, to 12.8p.

On 1 December it said it would need to raise additional capital by April 2023 in order to meet its then current operating costs.

On 31 March and 25 April it announced that it was drawing down a new £580,000 loan facility and £1.million under its convertible loan facility.

AMTE Power was founded in 2013 and was admitted to trading on the AIM division of the London Stock Exchange.

The company is focused on launching a series of next generation battery cells based on new chemistries and cell structures that are designed to solve key problems in power delivery, energy performance, and safety. These new products are targeted at a range of specialist markets including the electric vehicle industry and energy storage sector.

AMTE Power’s purpose-built cell manufacturing facility in Thurso has the second largest cell manufacturing capacity in the UK and the company also has a product development team based in Oxford.

AMTE’s proposed gigafactory in Dundee is expected to be capable of producing over eight million battery cells per annum enabling the company to rapidly scale up cell production.

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Your email address will not be published.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.