Thurso battery cell maker AMTE to float on AIM

Thurso-based battery cell developer AMTE Power said on Monday it will seek a stock market listing on the London Stock Exchange’s AIM market.

The company focuses on the requirements of specialist customers including the makers of high-performance sports cars.

It collaborates with nine automotive companies including Jaguar Land Rover, Cosworth and Williams.

AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announces its intention to seek admission to trading on AIM of the entire issued and to be issued ordinary share capital of the company,” said the firm.

“Admission is expected to take place during March 2021.

“The company intends to raise approximately £7 million (before expenses) by way of a placing of new ordinary shares in the capital of the company.”

AMTE Power said it was co-founded in 2013 by Kevin Brundish and several others, including former colleagues from QinetiQ, “with the objective of developing a portfolio of highly differentiated, lithium-ion and lithium-ion derivative battery cells to meet the needs of specialist customers.”

Since being established, AMTE Power said it has secured £9.1 million of equity finance, been directly awarded £5.8 million of public sector grants and has generated commercial income to date of £2.5 million.

AMTE Power CEO Kevin Brundish said: “Early on we chose to focus on the requirements of specialist customers whose power, performance and endurance needs are, we believe, outside the scope of the international manufacturers and also to not simply be a developer but have the manufacturing capability to deliver our products.

“The combination of which, we believe, differentiates AMTE and places us in a highly advantageous position.

“To give an example, our Ultra High Power battery cell which is designed for a high-performance sports car, needs to generate more power, than an average automotive battery, to deliver the required acceleration.

“To help develop and better understand the requirements for our products we have been working collaboratively with nine automotive companies including Jaguar Land Rover, Cosworth and Williams.

“We have also been working with the UK Government on our plans for building a British Gigafactory which is part of the company’s medium term outlook.

“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.”