Shares of Thurso-based battery cell developer AMTE Power, which went public in March, rose 7% on Thursday as the firm announced it has been selected to lead a new UK government funded electric vehicle project preparing two of its battery cells for large scale manufacture and testing with leading automotive manufacturers.
AMTE Power, a developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets, said it was selected as the lead supplier for a three-year project called ULTRA “focused on bringing two AMTE Power lithium-ion batteries to automotive readiness.”
AMTE Power said the project will be part funded by the UK government’s Advanced Propulsion Centre (APC) with a grant of £5 million.
The company focuses on the requirements of specialist customers including the makers of high-performance sports cars. It collaborates with automotive companies including Jaguar Land Rover, Cosworth and Williams.
APC is a government funded body focused on supporting the UK automotive industry in the lead up to the electrification of the market in 2030.
The funding will be divided between AMTE Power and three other automotive supply chain companies with AMTE Power receiving £2.3 million over the next three years.
“Well known, leading global automotive manufacturers will be closely involved in the project as steering partners providing close co-operation and guidance on technical and commercial requirements of AMTE’s Ultra Energy and Ultra High Power cells, with the key aim of the programmebeing to ensure they are ready for volume manufacture,” said the Thurso company.
“The three other automotive supply chain companies involved in the Ultra project are Magtec, designer of electric drive systems, who is participating with the aim of proving the Ultra Energy cell performance in two of their commercial electric vehicles; Petalite, a leader in electric vehicle charging will provide essential fast charging equipment; and Avocet, the precision metal supplier will provide a UK copper foil supply chain.
“As part of the project, the Ultra High Power cell will be sent to steering partners for external validation and adoption in their vehicle prototypes.
“Similarly, the Ultra Energy cell will be demonstrated workingin Magtec’s two commercial Electric Vehicle prototypes.”
AMTE Power CEO Kevin Brundish said: “We are delighted to have been chosen to lead this project.
“The APC selects companies who they believe will be key players in the UK’s electric vehicle supply chain, and funds projects that will take products into this high volume market.
“Working closely with leading automotive manufacturers and supply chain companies is an ideal position to be in as we work towards volume production of our products.
“Importantly, this project will not affect the existing commercialisation plans for these cells, as set out at the time of our IPO, it will instead be complementary and focus on readiness to mass produce for our targeted automotive client base.”