Business & Investment

Amte Power seeks listing to raise funds for battery cell technology development

Amte Power seeks listing on the stock market to fund the development of battery cell technology for use in the automotive and energy industries

  • Thurso-based Amte Power says it wants to raise around £ 7m.
  • Amte Power is one of the only five commercial battery cell manufacturers in the UK.
  • Super High Power, Super Safe, Super Prime are the three advanced battery cells

Lithium-ion battery makers, which have worked with car giants Jaguar Land Rover and Cosworth, have announced their intention to list on the AIM market.

Thurso-based Amte Power says it wants to raise around £ 7m to fund the development and manufacture of three advanced battery cells (Ultra High Power, Ultra Safe and Ultra Prime).

The group has also agreed to build a new manufacturing facility capable of producing 2GWh of capacity per year and start producing battery cells “on a commercial scale”.

The automotive sector is one of the industries where AmtePower develops batteries.

This is a building technology for three major industries. We are designing ultra-prime battery cells for use in the automotive sector, oil and gas sectors where ultra-high power cells are being developed, and ultra-safe products for the energy storage market.

Amte Power is one of the only five commercial battery cell manufacturers in the UK and has the second largest cell production capacity in the country.

Kevin Brandish and a former employee of other defense industry contractor Kinetic (licensed by science) founded the company in 2013, with a particular focus on providing technology to manufacturers of high-performance vehicles and equipment. I have it.

Brundish said: “We are early on, the needs for power, performance and durability are outside the scope of international manufacturers and are not just developers, but our products.

“We believe that these combinations will differentiate AMTE and put it in a very favorable position.

“For example, our ultra-high power battery cells designed for high performance sports cars need to generate more power than the average car battery to provide the required acceleration. . “

To date, it has received approximately £ 15m in funding and approximately £ 2.5m in commercial revenue from a combination of private equity and public grants.

The announcement will come weeks after another battery vehicle business, British Bolt, has entered into a technology partnership with German technology company Siemens to speed up battery development.

British Bolt has created about 3,000 jobs since Nissan opened its Sunderland plant in 1984, making £ 2.6 billion of “Giga” on the site of the old Bryce power plant, the largest industrial investment in northeast England. I want to build a “factory”.

The plant will focus on producing lithium-ion batteries for the UK electric vehicle industry, which will become even more prominent in the coming years as the UK government bans the sale of new gasoline and diesel vehicles from 2030.

The European Commission predicts in 2018 that the global market for lithium-ion batteries for electric vehicles will reach € 40 billion to € 55 billion annually by 2025, with the potential to exceed € 200 billion annually in the long run. did.

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Amte Power seeks listing to raise funds for battery cell technology development

https://www.dailymail.co.uk/money/markets/article-9249939/Amte-Power-seeks-listing-raise-funds-battery-cell-tech-development.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Amte Power seeks listing to raise funds for battery cell technology development

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