AMTE Power set for IPO to boost advanced battery cells development plans

by John Shepherd
AMTE's Thurso facility, Ultra High Power cells and CEO Kevin Brundish. Photos: AMTE Power
Scotland-based lithium-ion battery cells manufacturer, AMTE Power, today outlined plans to raise £7m as part of an initial public offer (IPO) to help fund the final development and production of the company’s three advanced battery cell products.

CEO Kevin Brundish said the IPO move would help the firm pursue "significant commercial opportunities”, as interest in expanding development of the UK’s battery manufacturing industry ramps up.

AMTE’s admission to the Alternative Investment Market (AIM) – a sub-market of the London Stock Exchange designed to help smaller companies access capital from the public market – is expected next month.

Brundish said the company’s success to date had been to focus on the requirements of specialist customers, "whose power, performance and endurance needs are, we believe, outside the scope of the international manufacturers”.

Gigafactory talks

"To give an example, our Ultra High Power battery cell which is designed for a high-performance sports car, needs to generate more power than an average automotive battery, to deliver the required acceleration. To help develop and better understand the requirements for our products, we have been working collaboratively with nine automotive companies, including Jaguar Land Rover, Cosworth and Williams.”

Meanwhile, Brundish said AMTE had been working with the UK government on the company’s "medium-term outlook” plans to build a battery cells gigafactory.

AMTE is based in the far north coastal town of Thurso and has been trading since 1997, producing lithium-ion batteries for a range of markets including automotive and energy storage. The business has traditionally supplied both lithium cobalt oxide and lithium manganese oxide cells.

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