Battery manufacturer AMTE Power, which hopes to build a gigafactory in Dundee, has secured the backing of investors to raise new capital through a placing of new shares.

Following a vote at a general meeting, the company has applied to the London Stock Exchange for admission of 112.6 million conditional placing shares to begin trading on AIM from 26 September. It is thought the new issue will raise £2m.

However, the London Stock Exchange still has to confirm a date for lifting its suspension of trading in the company’s existing shares, imposed on 13 September as a result of a deterioration in settlement performance.

In a statement the company said: “It is hoped that the result of the general meeting will enable this situation to normalise shortly so enabling the suspension to be lifted by the London Stock Exchange, whereupon dealings will commence in those shares and the conditional placing shares. Any decision by the London Stock Exchange to lift the suspension will be communicated by the London Stock Exchange in due course.”

The company, which has a manufacturing plant in Thurso and a research site in Oxford, said it values its shareholder base and believes that it is appropriate to provide eligible existing retail shareholders with the opportunity to participate in the retail offer.

The offer will allow existing retail shareholders to participate in the fundraising by subscribing for retail offer shares at the placing price via the bookbuild platform.

An announcement regarding the launch of the retail offer will be made shortly following the lifting of the suspension of trading in the Ordinary Shares and will contain further information on how investors can participate.

Separately, Kevin Brundish, formerly CEO of AMTE Power and latterly strategy director, has replaced Karl McGoldrick as CEO of 3D solid-state lithium-ion battery maker Lionvolt.

Mr McGoldrick said in a Linkedin post that Lionvolt is entering a new phase, having made “strong progress in the platform technology while developing the path towards industrialisation.”