Thurso-based lithium-ion battery cell developer AMTE Power on Friday announced the admission of its entire issued and to be issued ordinary share capital to trading on the AIM Market of the London Stock Exchange.

Following an oversubscribed IPO placing, approximately £13.7 million was raised — beating the original target of £7 million.

The company will have a stock market capitalization of approximately £61 million on admission.

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.

“The placing … comprises a placing of 7,402,438 new ordinary shares and 424,378 existing ordinary shares, in each case, at 175 pence per ordinary share with institutional and other investors … ” said AMTE Power.

“On admission, the company will have 34,666,027 ordinary shares in issue and a free float of approximately 48 per cent …

“The placing of the new shares has raised gross proceeds of approximately £12.9 million for the company …

“The placing of the sale shares has raised gross proceeds of approximately £740,000 for the selling shareholders …

“On admission, the group’s senior management will own approximately 17 per cent. of the issued ordinary shares …”

AMTE Power CEO Kevin Brundish said: “We are naturally delighted by the investor response from both new and existing shareholders.

“The high demand has enabled us to raise additional funds which will further enhance the commercial prospects of our portfolio of battery cells.

“The switch to electrification is clearly happening and not just in the automotive sector but across multiple markets.

“These are trends we anticipated happening 8 years ago when we created AMTE and today’s listing has significantly strengthened our ability to make the most of this switch to battery power.”