Thurso-based battery-maker to float on the AIM

AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, is to float on the AIM (previously called the Alternative Investment Market) of the London Stock Exchange next month.

Last May AMTE Power signed a memorandum of understanding with Britishvolt to collaborate on building a UK gigafactory – a supersize battery operation. At the time it said it was looking at potential sites in Teesside and Dundee for its new plant. In December it announced that it had chosen Blythe, Northumberland, for the gigafactory.

The company, headquartered at its Thurso factory on the northernmost tip of Scotland, intends to raise £7m to help its expansion, with a £50m valuation.

It has previously been funded with £17.5m raised from private investors, grants from the UK government and development money from vehicle manufacturers.

AMTE Power was co-founded in 2013 by Kevin Brundish, together with others, including former colleagues from Farnborough-based multinational defence technology company QinetiQ,.

It is developing a portfolio of highly-differentiated, lithiumion and lithium-ion derivative battery cells to meet the needs of specialist customers, such as high-power demand vehicles, fixed energy storage and the oil/gas sectors.

These customers are not the “primary focus of the international battery cell manufacturers,” creating a “significant and scalable opportunity,” says the firm.

In addition to its Thurso facility, it has entered into a framework agreement governing access to the UK Battery Industrialisation Centre (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.

With three highly differentiated battery cells in development, one is expected to enter production in each of the next three years, and it has a pipeline of technologies for future development.

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