Thurso-based battery cell developer AMTE Power, which went public in March, has announced a joint venture in Australia and published results for the year to June 30, 2021.
AMTE Power said turnover rose 55% to £2 million, “driven by an increase in grant income of 176% compared to the previous period.”
The group continues to invest in its product development, resulting in operating losses of £3.8 million for the year.
“The dominant event in the year was the raising of £12.9m of gross proceeds and the IPO for the business, resulting in a strong financial platform from which to finalise the product development and lay the groundwork for the building of our own Gigafactory,” said AMTE Power.
The firm said production expansion plans for a UK Gigafactory — initially 2GWh increasing to 10GWh and beyond over time — have made substantial progress.
“The group has engaged with local authorities for regions with preferred sites and national funding sources to secure government grants and developed detailed designs …” said AMTE.
“The group expects to confirm the site of its UK based Gigafactory and government funding support in 2022.”
AMTE Power is a developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets, including the automotive industry, oil and gas market and energy storage sector.
AMTE’s purpose-built cell manufacturing facility in Thurso has the second largest cell manufacturing capacity in the UK and the company also has a product development team based in Oxford.
The company has announced a joint venture agreement with InfraNomics Technologies Pty Ltd in Australia and advanced plans to build a 200,000 cell micro production line in Australia’s Lithium Valley.
“The 50:50 joint venture will operate through Bardan Cells Ltd and be based in Kwinana, Western Australia,” said AMTE.
“InfraNomics, which focuses on energy technologies and services, is responsible for capital fund raising, providing local expertise, establishing local sovereign supply chains and supporting the development of Bardan.
“AMTE Power will provide Bardan with the licenced technology and manufacturing expertise to build cells for use in energy storage systems.”