We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Amte Power Plc | LSE:AMTE | London | Ordinary Share | GB00BNQRZZ55 | ORD 0.5P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.80 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 0.80 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 20/2/2024 | 07:00 | UK RNS | AIM Cancellation - AMTE Power plc |
| 02/2/2024 | 10:46 | ALNC |  IN BRIEF: Amte Power joint administrators agree business, asset sale |
| 02/2/2024 | 07:00 | UK RNS | AMTE Power PLC Sale of business and assets |
| 19/1/2024 | 14:27 | ALNC | IN BRIEF: Amte Power pursuing sale of assets; appoints administrators |
| 19/1/2024 | 13:22 | UKREG | AMTE Power PLC Appointment of administrators |
| 08/1/2024 | 12:47 | ALNC | Amte Power files second notice of intention to appoint administrator |
| 08/1/2024 | 11:19 | UKREG | AMTE Power PLC Update on intention to appoint administrators |
| 28/12/2023 | 11:18 | UKREG | AMTE Power PLC Result of AGM |
| 19/12/2023 | 15:58 | ALNC | AMTE Power suspends trading and enters into administration |
| 19/12/2023 | 15:03 | UKREG | AMTE Power PLC Intention to Appoint Administrators |
Amte Power (AMTE) Share Charts1 Year Amte Power Chart |
|
1 Month Amte Power Chart |
Intraday Amte Power Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 19/1/2024 | 14:21 | AMTE Power Plc - Lithium-ion & Sodium-ion Battery Cell Developer & Manufacturer | 508 |
| 29/6/2023 | 11:59 | ELON MUSK NEEDS TO DITCH LITHIUM AND SWITCH TO SODIUM ION B4 HE WRECKS PLANET | 34 |
| 23/8/2022 | 09:52 | AMTE Power - Lithium ion battery developer | 365 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
|---|
Posted at 02/10/2023 16:14 by tomboyb 2 October 2023AMTE Power Plc ("AMTE Power" or the "Company") Result of Retail Offer Further to the Company's announcement dated 27 September 2023, AMTE Power plc (AIM: AMTE) is pleased to announce that, following the closing of the Retail Offer on the BookBuild Platform on 2 October 2023, 5,351,097 Ordinary Shares will be issued at a price of 1.7 pence per Retail Offer Share in connection with the Retail Offer, raising gross proceeds of £0.1 million. Application has been made for the Retail Offer Shares to be admitted to trading on AIM ("Admission"). Admission is expected to take place at 8.00 a.m. on or around 3 October 2023. Following the Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 166,259,777 with each Ordinary Share carrying the right to one vote. There are no Ordinary Shares held in treasury and therefore the total number of voting rights in the Company will be 166,259,777. The above figure may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure, Guidance and Transparency Rules. Capitalised terms used in this announcement have the meaning given to them in the Company's placing and retail offer announcements dated 8 September 2023 and 25 September 2023, respectively, unless otherwise defined in this announcement. Further information on the Company can be found on its website at: hxxps://amtepower.co This announcement should be read in its entirety. In particular, the information in the "Important Notices" section of the announcement should be read and understood. |
Posted at 25/9/2023 11:42 by tomboyb AMTE Power PLC Result of General Meeting, TVR and Retail Offer (5462N)25/09/2023 11:35am UK Regulatory (RNS & others) Amte Power (LSE:AMTE) Intraday Stock Chart Monday 25 September 2023 Click Here for more Amte Power Charts. TIDMAMTE RNS Number : 5462N AMTE Power PLC 25 September 2023 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. AMTE Power plc Result of General Meeting, Total Voting Rights and Retail Offer AMTE Power Plc (AIM: AMTE) ("AMTE Power" or the "Company") is pleased to announce that, at the General Meeting held earlier today, all resolutions as set out in its notice of General meeting dated 8 September 2023 were duly passed. Admission of the Conditional Placing Shares to trading on AIM is therefore expected to occur on 26 September 2023. Capitalised terms used but not otherwise defined in this announcement shall have the meanings given to them in the Company's announcement made on 8 September 2023, unless the context requires otherwise. Admission and Total Voting Rights F ollowing the General Meeting held earlier today, the Company will issue 112,596,610 Conditional Placing Shares. Application has been made to the London Stock Exchange for admission of the Conditional Placing Shares to trading on AIM. It is expected that Conditional Admission will become effective at 8.00 a.m. on 26 September 2023. The Conditional Placing Shares will rank pari passu in all respects with the existing ordinary shares of 0.5 pence each ("Ordinary Shares"). Following Conditional Admission, the total number of shares in the capital of the Company with voting rights will be 160,908,680 Ordinary Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, AMTE Power under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. Suspension of trading On 13 September 2023, the London Stock Exchange announced a suspension of trading in the Ordinary Shares as a result of deterioration in settlement performance of those shares. It is hoped that the result of the General Meeting will enable this situation to normalise shortly so enabling the suspension to be lifted by the London Stock Exchange, whereupon dealings will commence in those shares and the Conditional Placing Shares. Any decision by the London Stock Exchange to lift the suspension will be communicated by the London Stock Exchange in due course. The Retail Offer The Company values its shareholder base and believes that it is appropriate to provide eligible existing retail shareholders in the United Kingdom the opportunity to participate in the Retail Offer. The Retail Offer will allow existing retail shareholders to participate in the fundraising by subscribing for Retail Offer Shares at the Placing Price via the Bookbuild Platform. An announcement regarding the launch of the Retail Offer will be made shortly following the lifting of the suspension of trading in the Ordinary Shares and will contain further information on how investors can participate in the Retail Offer. Results of the meeting Details of the results of the voting, by way of a poll vote, at the General Meeting are set out below. Resolution 1 is an ordinary resolution and resolution 2 is |
Posted at 25/9/2023 11:02 by tomboyb Chief Executive Officer AMTE Power plcChief Executive Officer AMTE Power plcAMTE Power · Full-timeAMTE Power · Full-time Oct 2022 - Present · 1 yrOct 2022 - Present · 1 yr Oxford, England, United KingdomOxford, England, United Kingdom I have been recruited to transform AMTE Power from a £2m battery cell developer to a £300m T/O profitable battery manufacturing and development business. This is a fantastic challenge and I have a great team to take us on that journey. Our focus is Sodium ion and Lithium ion batteries for static energy storage and automotive applications. |
Posted at 25/7/2023 15:45 by tomboyb AMTE Power PLC Loan facility to facilitate proposed equity raise25/07/2023 3:44pm UK Regulatory (RNS & others) Amte Power (LSE:AMTE) Intraday Stock Chart Tuesday 25 July 2023 Click Here for more Amte Power Charts. TIDMAMTE RNS Number : 1550H AMTE Power PLC 25 July 2023 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. For immediate release 25 July 2023 AMTE Power Plc Loan facility to facilitate proposed equity raise Further to its earlier announcements, most recently on 20 July 2023, AMTE Power Plc (AIM: AMTE) ("AMTE Power" or the "Company" and, together with its subsidiary undertakings, the "Group"), a leading developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets, is pleased to announce that it has agreed a new secured GBP1.0 million loan facility (the "Facility") with Arena Investors LP ("Arena") in order to provide sufficient time for the Company and a potential new equity investor (the "Equity Investor") to complete a proposed initial equity investment of GBP2.5 million (the "Proposed Subscription") (together, the "Initial Recapitalisation Plan"). Funds under the Facility will be made available to the Group in two equal tranches of GBP0.5 million each, the first of which will be drawn down within two business days. The second tranche will be available to be drawn down upon mutual written consent between Arena and the Company. The Facility, which bears no interest but is fully secured over the assets of the Company, is repayable in full at 110 percent of the total amount drawndown on the earlier of: (a) the completion of the Proposed Subscription; or (b) the date falling three months following entry into the Facility. In addition to providing this Facility, Arena has agreed to relinquish the conversion rights attaching to its pre-existing convertible bond facility (the "CBF"), announced on 17 October 2022, of which GBP4.0 million has been drawn down to date, with GBP3.75 million outstanding. The Company and Arena are due to formalise an agreement to repay amounts drawn down under the CBF as to GBP1.0 million on the first anniversary of the bridge loan agreement, subject to available funds, with the balance due on the second anniversary. In consideration for this amendment, the Company and Arena will enter into documentation granting Arena warrants to subscribe for 2 percent of the share capital of the Company as enlarged by the Initial Recapitalisation Plan at a 100 percent premium to the issue price thereunder. The warrants will become exercisable 12 months following the subscription under the Initial Recapitalisation Plan with a duration of 24 months from issue. Additionally, the Company has granted Arena security over the Company's assets for the full loan. The Equity Investor has conditionally proposed to subscribe GBP2.5 million, at an indicative price, subject to due diligence and certain other conditions, of 1.7 pence per share for 147,058,823 new ordinary shares of 0.5p each in the capital of the Company, which would result in the Equity Investor holding 80 percent of the issued share capital of the Company, as enlarged by such subscription. The Proposed Subscription of GBP2.5 million will, if completed, provide the Company with sufficient financial resources to the end of September 2023. However the Equity Investor has indicated that, following its Proposed Subscription and at its own discretion, it intends to implement a financial solution for the Group, including providing for future funding requirements. The Equity Investor would also have the sole discretion to allow the investment in the Company under the terms of the Initial Recapitalisation Plan to be extended to other investors. The Company notes that the terms and quantum of the Initial Recapitalisation Plan and any funding beyond has yet to be agreed and remains uncertain at this stage. At this stage, discussions on the Initial Recapitalisation Plan remain at an early stage and there can be no certainty that these discussions will be successfully concluded, nor the terms or timing thereof. The Initial Recapitalisation Plan would be subject to, amongst other things: (i) the Equity Investor satisfactorily concluding its internal procedures and due diligence; (ii) the Takeover Panel agreeing to waive the obligation under Rule 9 of the City Code on Takeovers and Mergers to make a mandatory offer for the entire issued share capital of the Company, subject to the approval of the independent shareholders; (iii) the Investment Security Unit of the Department for Business, Energy and Industrial Strategy approving the Proposed Subscription in accordance with the terms of the National Security and Investment Act 2021; and (iv) the Company obtaining the necessary shareholder authorities at a general meeting of shareholders of the Company to issue the Subscription Shares. Further announcements will be made in due course. Alan Hollis, CEO at AMTE Power, said: "I am very pleased to announce the bridging loan to be provided by Arena, which buys AMTE Power the time and financial resources to allow the Equity Investor to complete its due diligence and internal procedures ahead of some much needed further investment in the business." The person responsible for arranging the release of this announcement on behalf of the Company is Anita Breslin, Chief Financial Officer of the Company. Enquiries |
Posted at 20/7/2023 07:08 by tomboyb AMTE Power PLC Financing update20/07/2023 7:00am UK Regulatory (RNS & others) Amte Power (LSE:AMTE) Intraday Stock Chart Thursday 20 July 2023 Click Here for more Amte Power Charts. TIDMAMTE RNS Number : 5852G AMTE Power PLC 20 July 2023 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. For immediate release 20 July 2023 AMTE Power Plc Financing update Further to its earlier announcements, AMTE Power Plc (AIM: AMTE) ("AMTE Power" or the "Company"), 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. The Company continues to be in discussions with existing and potential investors concerning raising further finance. However, given the further passage of time since the most recent announcement on 29 June 2023, the Company's financial situation is becoming ever more critical. Having managed its resources, the Company now needs to implement a solution within the next few business days. Whilst active discussions continue with existing and potential investors, there can be no certainty of the outcome of these discussions, in which case putting the Company into administration is ever more likely. In the event that the Company is put into administration, trading of its shares on AIM would be suspended with immediate effect. Accordingly, should the Company be unable to secure additional funding, the prospects for recovery of value, if any, by shareholders would be remote. Further announcements will be made as and when appropriate. |
Posted at 29/6/2023 11:28 by tomboyb AMTE Power PLC UN Certification of Ultra High Power Cells29/06/2023 11:21am UK Regulatory (RNS & others) Amte Power (LSE:AMTE) Intraday Stock Chart Thursday 29 June 2023 Click Here for more Amte Power Charts. TIDMAMTE RNS Number : 4014E AMTE Power PLC 29 June 2023 29 June 2023 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. AMTE Power Plc ("AMTE Power" or the "Company") UN Certification of Ultra High Power Cells AMTE Power plc, a leading UK developer and manufacturer of battery cells for specialist markets, announces that it now anticpates the UN certification of its Ultra High Power Cells in the third quarter of 2023. In the certification testing the Ultra High Power cell met all of the A-Sample target performance requirements, however, due to the identification of a minor manufacturing defect, the certification process of the cells has been halted. The root cause of the defect has been identified, and cells from the next production batch, in the third quarter 2023, will now be used to certify the product. The person responsible for arranging the release of this announcement on behalf of the Company is Anita Breslin, Chief Financial Officer of the Company. Enquiries |
Posted at 15/6/2023 07:18 by tomboyb AMTE Power PLC Financing Update15/06/2023 7:00am UK Regulatory (RNS & others) Amte Power (LSE:AMTE) Intraday Stock Chart Thursday 15 June 2023 Click Here for more Amte Power Charts. TIDMAMTE RNS Number : 7674C AMTE Power PLC 15 June 2023 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. 15 June 2023 AMTE Power Plc Financing update AMTE Power Plc (AIM: AMTE) ("AMTE Power" or the "Company"), a leading developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets, today announces an update to its financing position. The Company stated on 1 December 2022 that it would need to raise additional capital by April 2023 in order to meet its then current operating costs. On 31 March 2023 and 25 April 2023 it announced drawing down (i) a new GBP580,000 loan facility and (ii) GBP1.0 million under its convertible loan facility, respectively. The Company has subsequently been in, and continues to be in, discussions with potential investors concerning raising further finance. The Company needs to conclude some form of fundraising within no less than the next four weeks. Whilst active discussions are ongoing, there can be no certainty of the outcome of these discussions. Accordingly, in light of the Company's reducing cash position, should the Company be unable to secure additional funding, the prospects for recovery of value, if any, by shareholders would be uncertain. Further announcements will be made as and when appropriate. The person responsible for arranging the release of this announcement on behalf of the Company is Anita Breslin, Chief Financial Officer of the Company. Enquiries AMTE Power plc +44 (0)1847 867 200 Alan Hollis (Chief Executive Officer) Anita Breslin (Chief Financial Officer) WH Ireland (NOMAD and Joint Broker) +44 (0)207 220 1666 Chris Fielding / James Bavister (Corporate Finance) Fraser Marshall (Corporate Broking) Panmure Gordon (UK) Limited (Joint Broker) +44 (0)207 886 2500 John Prior / James Sinclair-Ford (Corporate Finance) Hugh Rich (Corporate Broking) +44 (0)203 757 4992 Camarco (Financial PR) / 4981 Ginny Pulbrook / Rosie Driscoll |
Posted at 16/1/2023 20:32 by mistamadeela Compare this to ITM Power - very similar but ITM is scaling up to produce electrolysers for hydrogen and currently valued at £560m.If AMTE were valued the same as ITM the AMTE share price would be £16. Ok AMTE need more investment yet but value could eventually overtake ITM. |
Posted at 06/10/2022 07:16 by jpuff AMTE Power PLC AMTE Power agrees contract with UKBICSource: UK Regulatory (RNS & others)TIDMAMTERNS Number : 9412BAMTE Power PLC06 October 2022Thursday 6 October 2022AMTE POWER PLC("AMTE Power", "AMTE" or the "Company")AMTE Power agrees production contract with the UK Battery Industrialisation Centre for its Ultra High Power cellsHighlights:-- Milestone achievement: framework contract signed with the UK Battery Industrialisation Centre ("UKBIC") to produce up to 60,000 Ultra High Power cells per year for the high power automotive and fuel cell electric vehicle markets-- Ultra High Power automotive cell demonstrates a consistent six-minute full charge time in extensive trials-- The contract with UKBIC starts in January 2023 for anticipated sales to customers in sufficient scale to allow them to progress to in-vehicle trials-- Agreement is a key milestone to upscale production ahead of mass commercialisation plans as AMTE Power progresses towards its first MegaFactory in Dundee, Scotland, which is underpinned by the growing pipeline of potential business with opportunities of circa GBP240 million across the AMTE Power product rangeAMTE Power moves to scale manufacturing at the UK Battery Industrialisation CentreAMTE Power, the developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets, announces that it has signed a contract to manufacture its Ultra High Power cells at UKBIC in Coventry to support the next phase of its commercialisation plans.This is a significant milestone for AMTE Power. Under the agreement the Company can request UKBIC to manufacture up to 60,000 of its Ultra High Power cells each year, over an initial term of 24 months. This will enable AMTE Power to deliver its first Ultra High Power cells, in sufficient scale to allow customers to progress through to in-vehicle trials, as the industry transitions away from traditional fuels.In August 2022, AMTE Power announced good progress in manufacturing trials for the Ultra High Power cell at UKBIC, with cells performing well against the Company's target specification when produced on UKBIC's commercial scale equipment. In particular, the Ultra High Power cells' low internal resistance supports exceptional power delivery and very fast charging, with current testing demonstrating a full charge in six minutes.Ramping up production of the Ultra High Power cells at UKBIC is due to start from January 2023, generating initial revenues for the Company and enabling the business to meet growing demand from within the automotive sector principally for high performance Electric Vehicles ("EVs") and Fuel Cell Electric Vehicles ("FCEVs"). AMTE Power has existing non-binding memoranda of understanding in place with key automotive partners Cosworth, Viritech and MAHLE Powertrain, in addition to development agreements with Sprint Power, Eltrium and BMW.The use of UKBIC to manufacture cells is a key milestone to upscale production ahead of mass commercialisation plans as AMTE Power progresses towards its first MegaFactory in Dundee, Scotland. This agreement will ensure products can be delivered to customers in advance of the opening of its planned MegaFactory, which is underpinned by the growing pipeline of potential business with opportunities of circa GBP240 million across the AMTE Power product range.Commenting on the contract, Kevin Brundish, CEO, AMTE Power, said:"Having already secured significant early interest in our Ultra High Power cell from major automotive partners, this contract will enable us to bring our products to market sooner while we progress our own MegaFactory."This new phase in our journey builds on the partnership that we've established with UKBIC through cell development. It is testament to the investment that the UK Government has made in this market-leading battery manufacturing and scale-up facility that we are now able to put that development work into practice with the first production contract at UKBIC to get cells into customers' hands as we power the energy transition."Jeff Pratt, Managing Director, UK Battery Industrialisation Centre, added:"We're delighted to be entering into this landmark agreement with AMTE Power to transfer their design into UKBIC and then manufacture their next generation Ultra High Power cells at volume, allowing us to further support the company's significant commercialisation plans. Advanced battery cells being manufactured at volume in the UK are a vital component of ensuring the UK prospers from the energy transition towards Net Zero. This latest agreement - our biggest to date - is further demonstration of the unique value of UKBIC which, since being opened just over a year ago, is already delivering incredibly successful outcomes for the UK with customers like AMTE."Jackie Doyle-Price, Minister for Industry said:"Batteries are the foundation of the industries of the future, from electric vehicles to renewables, and building a domestic supply chain for them is central to our plans to grow the economy, create jobs and bolster energy security."This collaboration between two government-backed partners will see AMTE's battery production ambitions take the next step, and help the UK seize on the opportunities this technology presents."This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.ENDS Enquiries: AMTE Power plc Tel: +44 (0)1847 867 200 Kevin Brundish (Chief Executive Officer) James Hobson (Chief Financial Officer) WH Ireland Limited (NOMAD and Joint Broker) Tel: +44 (0)207 220 1666 Chris Fielding / James Bavister / Ben Good Panmure Gordon (UK) Limited (Joint Broker) Tel: +44 (0)207 886 2500 John Prior / Harriette Johnson (Corporate Finance) James Sinclair-Ford Hugh Rich (Corporate Broking) Camarco (Financial PR) Tel: +44 (0)20 3757 4992 Ginny Pulbrook / Rosie Driscoll Notes to Editors:AMTE Power was founded in 2013 and is a leading developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets. In March 2021, the Company was admitted to trading on the AIM market of the London Stock Exchange. The Company is focused on launching a series of next generation battery cells based on new chemistries and cell structures that are designed to solve key problems in power delivery, energy performance, and safety. These new products are targeted at a range of specialist markets including the electric vehicle industry and energy storage sector.AMTE Power's purpose-built cell manufacturing facility in Thurso, Scotland 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 state-of-the-art MegaFactory in Dundee, Scotland is expected to be operational and in production by Q3 2025 and will be capable of producing over 25,000 high added value batteries per day enabling the Company to rapidly scale up cell production.For further information visit the Company's website: www.amtepower.comThi |
Posted at 23/8/2022 09:58 by ireminisces AMTE POWER PLC("AMTE Power", "AMTE" or the "Company") Operational and Trading Update "Powering ahead with battery cell production and strategic plans" AMTE Power Plc, the developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets, is pleased to provide an update ahead of announcing its full year results for the year ended 30 June 2022. AMTE is a leading high-performance battery cell developer and one of the only companies manufacturing battery cells in the UK today with established commercial partnerships in place. The business operates at the heart of the UK's drive towards net zero carbon emissions and has a range of high-performance lithium and sodium ion cells along with an extensive IP portfolio. AMTE is currently focused on the delivery of high-performance cells into the energy storage and specialist automotive markets. Highlights: -- Automotive sector Ultra High Power cells: o Extensive on-going trials show the cells have consistently achieved a full charge within six-minutes. o Cells manufactured on GigaFactory equipment at UKBIC delivering exceptionally well against the Company's target specification at ever increasing volumes. o Five non-binding MoUs signed with key automotive partners: Cosworth, Viritec, MAHLE Powertrain, Sprint Power and BMW. -- Energy storage sector Ultra Safe cells: o Cell development is nearing completion having reached its energy density specification of 140 Wh/kg. o Planned to commence production at Thurso later this year for delivery to customers for initial evaluation and project and supply validation. -- Ultra Prime: initial sales expected to commence in FY24, with production centred on Thurso. -- Overall pipeline of opportunities in excess of GBP240m. -- Focusing on the Thurso production facilities and UKBIC will enable AMTE Power to leverage its competitive advantages and development pipeline to drive the next stage of its growth towards the MegaFactory -- AMTE Power plans to have its new, state of the art 0.5GWh MegaFactory in Dundee ready within three years. The facility will be capable of producing more than 8 million cells with a revenue stream in excess of GBP200m. -- Company is trading in line with the Board's expectations. Operational successes AMTE Power continues to make good progress in accordance with its plans across its three core cell products: Ultra High Power, Ultra Safe and Ultra Prime. These differentiated products are focused on the high power, specialist automotive and energy storage sectors, with properties outpacing other cells currently in the market. The business currently has a number of key commercial opportunities for its products and a strengthening overall pipeline of opportunities being discussed with an unweighted value in excess of GBP240m. Ultra High Power These cells are ideally suited to key automotive sectors of high-performance electric vehicles, hybrid vehicles, and fuel cell electric vehicles, with an increasing number of automotive original equipment manufacturers ("OEM") committing to fuel cell electric vehicle production. The Ultra High Power cells that are currently being produced on GigaFactory production equipment at the UK Battery Industrialisation Centre ('UKBIC') are delivering exceptionally well against the Company's target specification, at ever increasing volumes. Testing shows a very low internal resistance, which allows both very fast charging and exceptional power delivery. Extensive trials have taken place and whilst tests are still ongoing, the cells have consistently achieved a full charge within six-minutes in initial testing, with further tests planned in the coming weeks. This builds upon 1,000 charging tests previously completed and supported by Imperial College. The Company has currently signed five non-binding memoranda of understanding for the cell with key automotive partners as it moves toward supply contracts that will be supported by AMTE's Dundee MegaFactory scale up, as announced on 28 July 2022. Combined, these steps will significantly reduce risk of delivery. Ultra Safe With the continued challenges on pricing of key materials for batteries, there is significant interest in AMTE Power's sodium ion cell, Ultra Safe, for energy storage systems. This cell uses no lithium, cobalt or copper and is more cost effective, safer and sustainable than lithium cells. It is, therefore, viewed as a natural alternative for many applications to lithium-based battery products, with interest and engagements through much of the value chain from major energy generators to home energy storage producers. Cell development is nearing completion, with the cell having reached its energy density specification of 140 Wh/kg. It has been designed for energy storage applications and is planned to commence production at Thurso later this year for delivery to customers for initial evaluation and project and supply validation. In March 2022, the Company announced a contracted initial order of 1,000 cells from AceOn for its portable energy storage unit. The Board anticipates that further contracts will be entered into as AMTE prepares to invest in its Dundee MegaFactory. Ultra Prime Ultra Prime is a non-rechargeable cell designed for use in some of the most difficult environments on earth, with very high energy density and high-temperature performance. This cell also has a low self-discharge, making it well suited for applications where temperature, access and long duration of charge retention are key considerations. AMTE Power's Ultra Prime cell continues to progress to schedule and to demonstrate the performance expected. AMTE Power has a contracted supply agreement in place for this cell and is now progressing to initial supply and trials with that customer. Route Map to Commercial Sales In order to execute on strong interest from customers of its Ultra High Power cells, the Company is seeking to utilise the UKBIC where the UK Government has invested GBP130m into a high-rate cell production facility. Discussions are ongoing with the UKBIC in relation to this, with the expectation of initial customer purchase orders being contracted later in the year, followed by larger volume contracts, underpinning the construction of the Dundee MegaFactory. For its Ultra Safe cell, the Company will look to utilise its Thurso site to initially supply product to customers, prior to moving to the Dundee MegaFactory. For its Ultra Prime cell the Company will look to utilise its Thurso site to supply product to customers with initial sales expected to commence in FY2024. Focusing on the Thurso production facilities and UKBIC will enable AMTE Power to leverage its competitive advantages and development pipeline to drive the next stage of its growth towards the MegaFactory. MegaFactory AMTE Power plans to have its new, state of the art 0.5GWh MegaFactory in Dundee ready within three years. The facility will be capable of producing annually more than 8 million cells with a revenue stream in excess of GBP200m. Due to the high value nature of AMTE Power's products, a factory can be profitable at a smaller scale than the size of factories at multiple GWh size, benefiting from quicker commissioning time, more flexibility in location, less investment and a faster path to profitability. AMTE Power considers this as a strong stepping- stone towards building GigaFactories in the future. AMTE Power has received an indicative offer letter from Scottish Enterprise regarding a potential package of funding and business support and discussions continue towards a final grant. The Company will provide further updates as appropriate. The Company's Australian joint venture company, Bardan Cells, continues to pursue its commercialisation strategy to manufacture, leveraging the Ultra Storage cell which is planned to be completed in the calendar year. Commercial Market Backdrop AMTE Power is working on new commercial partnerships, as well as progressing existing commercial and development partnerships including with Cosworth, Viritec, MAHLE Powertrain, Sprint Power and BMW, towards firmer commercial agreements. The Directors believe that installations of home energy storage batteries will rise from 6GWh in 2019 to 155GWh annually by 2030 (Source: Bloomberg). Currently only five per cent of the energy used to heat homes today comes from low-carbon sources and massive growth is expected as part of the transition to net zero in the next 15 to 20 years. In the electric vehicle market, the UK Government has set a 2030 deadline to end the sale of petrol and diesel cars. In addition, legislation is coming into force in just two years' time which will stipulate that batteries for electric vehicles made in the EU or UK need to be manufactured with at least 50 per cent of locally sourced materials by value in order to avoid tariffs. Financial Performance & Notice of Results The Company is trading in-line with the Board's expectations and expects to announce its full year results for the year ended 30 June 2022 in November. Broadening Management Team As AMTE Power progresses towards commercialisation of its high-performance advanced cells and building its MegaFactory, the Board is undertaking a process to complement the senior executive and wider management team in order to put in place additional skills and expertise for the next stage of the business' growth. AMTE Power's Chief Financial Officer, James Hobson, has advised the Board that he has received an approach concerning a new role, which he is considering. He would in any case not leave AMTE until 30 November 2022, and will play a full and active role in the business and support a seamless transition. Kevin Brundish, CEO, AMTE Power, said: "It is an exciting time for AMTE Power. We are on the cusp of commercial volume production for our high-value cells, and we continue to see a huge amount of customer interest in our products. Our products and expertise will play a fundamental part in the UK energy transition, and we remain passionate about reaching a net zero economy. We are today confirming that the business is trading in line with our expectations. Looking ahead, the AMTE Power team is working incredibly hard on all fronts to deliver on our range of products and strategic goals. We look forward to keeping all stakeholders updated on our future successes." |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
