Shares of Thurso-based battery cell developer AMTE Power, which went public in March, rose about 5% on Wednesday after it announced it is shortly expected to be confirmed as a partner in a new UK government funded project called CELERITAS to develop ultra-fast charging systems for electric and fuel cell vehicles.
Sprint Power is leading the new £9.7 million UK government-backed project aimed at developing the ultra-fast charging cells and battery packs for battery electric vehicles (BEVs) and fuel cell hybrid electric vehicles (FCHEVs).
“Funding for Project CELERITAS is being jointly delivered by the UK’s Advanced Propulsion Centre (APCUK), as well as each consortium member,” said Sprint Power.
“In addition to Sprint Power, the consortium includes BMW, bp, AMTE Power, Clas-SiC and Eltrium.
“Targeting BMW’s future battery specifications and requirements, the battery platform will bring together innovations from each partner, including rapid charging cell technology being developed by AMTE Power”.
“While the current best-in-class charging systems take approximately 22 minutes for a 10%-80% charge for a 280-mile range, Sprint Power is aiming for its BEV platform to deliver an 80% charge in just twelve minutes.
“The ability for consumers to charge their cars in such a short time is seen as key to improving the BEV ownership experience and encouraging more consumers to make the switch.”
AMTE Power CEO Kevin Brundish said: “We are looking forward to being confirmed as a partner in this project and to collaborating closely alongside these market leading companies in our sector.
“AMTE is focussed on bringing high power cells to the market which are different and complementary to traditional energy cells, and provide an opportunity to optimise fast charging, fast discharge (acceleration) and ultimately vehicle range.
“This is a prestigious project to be involved with and would contribute to ensuring we meet our targets for grant income.”