AMTE Power looks for AIM listing and battery production

AMTE Power announces its listing on the Alternative Investment Market (AIM) on the London Stock Exchange and expects trading to begin in March. AMTE Power is a UK developer and manufacturer of lithium-ion battery cells for speciality markets and among those looking to build capacity in Britain.

AMTE Power expects to raise around £7 million through the issue of shares. These will add to their approximately £9.1 million of equity finance since they were established in 2013. They also claim to have been directly awarded about £5.8 million from the public sector and having generated a commercial income to date of approx. £2.5 million.

In the announcement of the intended AIM listing, Directors express their understanding that AMTE is “well placed as one of only five UK commercial battery cell manufacturers” and point to the company’s cell manufacturing facility at Thurso, Scotland, which they claim has the second-largest cell manufacturing capacity in the UK. A feasibility study is currently looking into the potential for upscaling.

There is also a framework agreement governing access to the UK Battery Industrialisation Centre (UK BIC) cell manufacturing facility that has just come a step closer to opening with first equipment now being operational. AMTE Power is involved here also through Project Quantum with partners looking into improving cell manufacturing processes.

No mention, however, was made of the partnership with Britishvolt. Earlier reports had hailed it a joint effort in establishing a “Gigafactory” in the UK. When we asked for comment today, we were told by AMTE Power that an MoU had been signed. However, at the moment both Britishvolt and AMTE would continue to focus on their own projects, and any cooperation would only be in the “very very long-term” when it comes to large scale projects. They later again clarified in an email that “both companies have always had their own plans for a Gigafactory in the UK.”

The original MoU also saw them serve different markets, specialist and niche, with what they called “complementary technology” again today. Note that Britishvolt had only in December changed what sounded like a definitive plan to build a battery factory in Wales. The project now sees said facility located in Blythe, Northumberland with construction to start this spring. Only financing has yet to materialise, likely with government support.

For AMTE Power, CEO Kevin Brundish said they were working with the UK Government to build a British Gigafactory. It was part of the company’s “medium-term outlook” with potential sites in Teesside and Dundee. The spokesperson also added that AMTE was looking at “making a decision in 2022 as to expansion from its existing production facility in Scotland, and of course, will welcome any mutually beneficial collaboration.”

Commenting on the AIM listing, the CEO also made clear “However, today’s announcement is about funding the final development and production of the company’s three advanced battery cells where we see significant commercial opportunities.”

AMTE is focussing on a technology they call Ultra-High Power, a re-chargeable pouch format battery cell. It is being developed in conjunction with several specialist manufacturers in the automotive industry which include Jaguar Land Rover, Cosworth and Williams.

amtepower.com (AIM listing), amtepower.com (Thurso), amtepower.com (Quantum), amtepower.com (Gigafactories)