AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, has announced its intention to seek admission to trading on AIM of the entire issued and to be issued ordinary share capital of the Company.
Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million (before expenses) by way of a placing of new ordinary shares in the capital of the Company (“Ordinary Shares“).
AMTE Power was co-founded in 2013 by Kevin Brundish, together with several others, including former colleagues from QinetiQ, with the objective of developing a portfolio of highly differentiated, lithium-ion and lithium-ion derivative battery cells to meet the needs of specialist customers.
Such customers, which include manufacturers of high-performance vehicles and specialist equipment, are not, in the Directors’ experience, the primary focus of the international battery cell manufacturers, thereby creating a significant and scalable opportunity for the Company.
Key attributes of the AMTE Power business are as follows:
???? The Company’s highly experienced management team has implemented a distinctive strategy of not only accessing intellectual property, but also developing products based thereon to address its specialist customers’ requirements, with the intention in due course of utilising its facilities to manufacture cells on a commercial scale;
???? The Company has accessed a strong intellectual property portfolio from technology companies, QinetiQ and Faradion Limited, which enables it to develop new battery cells meeting the needs of its customers by building on the substantial early investment by these companies;
???? It has been working in collaboration with a significant number of industrial businesses, including nine UK-based leading automotive manufacturers and component suppliers;
???? Since being established, it has secured an aggregate of approximately £9.1 million of equity finance, been directly awarded approximately £5.8 million of public sector grants and has generated commercial income to date of approximately £2.5 million;
???? It is the Directors’ understanding based on their market knowledge that the Company is well placed as one of only five UK commercial battery cell manufacturers with its purpose-built cell manufacturing facility at Thurso, Scotland, which has the second-largest cell manufacturing capacity in the UK;
???? In addition to its Thurso facility, the Company has entered into a framework agreement governing access to the UK Battery Industrialisation Centre (the “UK BIC”) cell manufacturing facility and, in 2022, intends to commit to building a new UK manufacturing facility with a capacity of approximately 2GWh per annum;
???? The Company has three highly differentiated battery cells in development, with one expected to enter production in each of the next three years, and a pipeline of technologies for future development.
Kevin Brundish, CEO of AMTE Power, said:
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. The combination of which, we believe, differentiates AMTE and places us in a highly advantageous position.”
“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.”
“We have also been working with the UK Government on our plans for building a British Gigafactory which is part of the Company’s medium-term outlook. However, the 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, a developer and manufacturer of lithium-ion battery cells for specialist markets, announces its intention to seek admission to trading on AIM of the entire issued and to be issued ordinary share capital of the Company. Admission is expected to take place during March 2021.
The Company intends to raise approximately £7 million (before expenses) by way of a placing of new ordinary shares in the capital of the Company (“Ordinary Shares“).
British battery cell manufacturer AMTE Power announces intention to float on AIM, February 10, 2021
