Thurso-based battery cell developer AMTE Power plc has reported a loss after tax of £5.8 million for the year to June 30, 2022, which it said reflects the investment required to commercialise its technology.

Turnover was up 12% to £2.2 million.

AMTE said it has growing pipeline of potential business with opportunities of £240 million across its product range and that its pathway to commercialisation is supported by a post year-end £5 million convertible bond facility.

The Thurso firm is a developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets.

Its 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.

AMTE’s proposed MegaFactory in Dundee is expected to be operational and in production by 2025 and will be capable of producing over 25,000 batteries per day, enabling the company to rapidly scale up cell production.

AMTE Power CEO Alan Hollis said: “I am delighted to have joined AMTE Power at such an exciting stage of its growth trajectory.

“In our financial year ended June 2022, the company recorded a loss after tax of £5.8m, reflecting the investment needed to commercialise our battery cell technology.

“I am pleased to say that with demand expected to accelerate as the UK goes electric, we expect this investment to deliver significant returns going forward.

“In the short time I have been with the business I have met teams from across the group and have been impressed by the depth of knowledge and experience of our highly skilled team.

“AMTE Power has achieved several important milestones during the year including a production contract with the UK Battery Industrialisation Centre, a consistent six-minute full charge time with our Ultra High Power automotive cell and entering into binding heads of terms for Dundee as the preferred site for our first MegaFactory.

“Together, this puts us in a highly competitive position.

“The business is well placed with high performance products and manufacturing expertise. I look forward to building on the achievements made to date to take the business forward on the next stage of its growth.”