Thurso-based AMTE Power, the developer of next generation battery cells, said on Wednesday it is ‘now considering all credible options, including a sale of the company’s business …”

AMTE had said on June 15 it needed to conclude some form of fundraising “within no less than the next four weeks.”

On Wednesday AMTE said that should the company be unable to secure additional funding within no less than the next three weeks “the prospects for recovery of value, if any, by shareholders would be uncertain.”

The firm said “active discussions are ongoing with various parties” and that “at this stage, the company is not actively pursuing a sale of the company itself.”

AMTE went public at £1.75 per share in March 2021 and quickly rose as high as £3.14 — but its shares have since fallen more than 98% to around 5p, reducing the stock market value of the firm to around £2 million.

The firm was founded in 2013 and is a developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets. 

AMTE Power’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’s proposed gigafactory in Dundee would be capable of producing over eight million battery cells per annum.

In a stock exchange statement on Wednesday, the company said:”AMTE Power Plc, a leading developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets, today announces a further update to its financing position.

“Further to its announcement on 15 June 2023, the company continues to be in discussions with potential investors concerning raising further finance.

“However, given the passage of time since the announcement, it is now considering all credible options, including a sale of the company’s business, in relation to which FRP Corporate Finance is advising, in order to act in the best interest of all stakeholders in the company. 

“At this stage, the company is not actively pursuing a sale of the company itself.

“Whilst active discussions are ongoing with various parties, there can be no certainty of the outcome of these discussions.

“Accordingly, in light of AMTE Power’s reducing cash position, should the company be unable to secure additional funding within no less than the next three weeks, the prospects for recovery of value, if any, by shareholders would be uncertain.

“Further announcements will be made as and when appropriate.”