AMTE Power says it “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.”

Battery manufacturer AMTE Power has warned that it will run out of money in the next four weeks if new funding is not agreed, despite arranging £1.5 million in funding since March. The warning is the latest blow to UK plans to become a centre of battery manufacturing, putting AMTE’s plans for a ‘gigafactory’ manufacturing facility in Dundee in doubt. This year has already seen cancellation of a gigafactory in Blyth, Northumberland, that was planned by BritishVolt.
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. Its proposed gigafactory in Dundee, Scotland is expected to be capable of producing over 8 million battery cells per annum enabling the Company to rapidly scale up cell production.
But the company said on 1 December last year that it would need to raise additional capital by April 2023 in order to meet its operating costs. On 31 March 2023 it announced a new £580,000 loan facility and on 25 April it announced a further £1 million loan facility.
Now the company says it is in discussions with potential investors concerning raising further finance. It said there was no certainty about the outcome of active discussions and it “needs to conclude some form of fundraising within no less than the next four weeks”.