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Specialist battery company AMTE announces intention to list on London Stock Exchange

Image: AMTE Power.

Image: AMTE Power.

Specialist lithium-ion battery manufacturer and developer AMTE Power has announced its intention to seek admission to trading on the Alternative Investment Market (AIM).

The company will look to raise £7 million through a placing of new ordinary shares in the capital of AMTE Power on the sub-market of the London Stock Exchange (LSE). It is expecting to be admitted during March 2021.

This will allow AMTE Power to focus on further developing its specialist battery offering and expand its operations, including building a new UK manufacturing facility with a capacity of approximately 2GWh per annum. The company currently operates a purpose-built cell manufacturing facility at Thurso, Scotland, as well as entering a framework agreement that will give it access to the UK Battery Industrialisation Centre cell manufacturing facility.

CEO Kevin Brundish said the company is working with the UK government on its plans for building a British Gigafactory as part of its medium term outlook.

“However, today’s announcement is about funding the final development and production of the Company’s three advanced battery cells where we see significant commercial opportunities.”

AMTE Power currently offers three batteries; Ultra High Power which is a re-chargeable pouch format battery cell designed for the automotive sector; UItra Prime, a single use cylindrical battery cell for the oil and gas sector; and the Ultra Safe, a re-chargeable pouch format battery cell designed for energy storage systems.

“Early on we chose to focus on the requirements of specialist customers whose power, performance and endurance needs are, we believe, outside the scope of the international manufacturers and also to not simply be a developer but have the manufacturing capability to deliver our products,” said Brundish. “The combination of which, we believe, differentiates AMTE and places us in a highly advantageous position.”

AMTE Power was set up in 2013 by a group including Brundish, and has since secured an aggregate of approximately £9.1 million of equity finance, as well as being awarded £5.8 million of public sector grants and generated commercial income of £2.5 million.

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