AMTE Power shares up 20% on Cosworth news

Shares of Thurso-based battery cell developer AMTE Power rose almost 20% on Friday after it announced it signed a memorandum of understanding (MoU) with automotive engineering company Cosworth to support the development of next-generation electric vehicles.

AMTE Power has recently announced a series of commercial deals as it scales up production of its next generation battery cells and continues its drive towards commercialisation.

To support this growth, the company announced last week the location for its first megafactory in Dundee, which will enable AMTE to produce its cells in the UK at industrial scale.

“The non-binding MoU paves the way for AMTE Power to supply its Ultra High Power (UHP) cells for use in Cosworth’s advanced propulsion technologies,” said AMTE.

“A partner to major OEMs, Cosworth designs innovative battery and electric vehicle solutions to power the high-performance automotive, aerospace and marine sectors.  

“Following its recent acquisition of electrification specialist Delta, the company has accelerated its development of battery systems to complement its market-leading electrified powertrains and engines.

“AMTE Power’s cell technology will be used in Cosworth’s technologies which are developed at the engineering company’s state-of-the-art facilities.

“The differentiated UHP lithium-ion cell is specifically designed by AMTE Power to meet the requirements of the electric vehicle market, balancing power, weight and safety needs. 

“With rapid charging and discharging time, the cell is ideally suited for use within Cosworth’s advanced technologies and end-to-end vehicle solutions.  

“With fully-owned intellectual property rights for the product, AMTE Power is in the advanced stages of developing the UHP cell which is currently going through scale-up and testing trials at the UK Battery Industrial Centre (UKBIC). 

“Along with manufacturing at the facility, the business is accelerating production of its cells at its production factory in Thurso, Scotland.”

AMTE Power CEO Kevin Brundish said: “There is an increasing need for advanced, next-generation battery cells for use within technologies to power the net-zero transition.

“This collaboration with Cosworth is the start of a partnership which will see our market-leading UHP cell used to power electric vehicles across high-performance automotive, aerospace and marine markets.

“It’s another key step in our journey as we scale up production and move towards commercialisation.”

Cosworth CEO Hal Reisiger said: “At Cosworth, we are committed to playing a leading role in the development of future technology in the high-performance automotive space.

“We have built up an enviable wealth of cross-sector experience that allows us to deliver and integrate cutting edge solutions into even the most niche customer programs.

“Through our battery offering, we can deliver and integrate high-power systems from flexible, scalable modules at low volumes.

‘The new co-operation with AMTE Power will further strengthen our existing capabilities in this important area.”