AMTE Power, a high-performance battery developer, has called in administrators in a fresh blow to Britain’s Net Zero industry as orders dried up. The Telegraph has more.
The company warned in the summer that it was in financial trouble and had days to find a new backer or help from existing shareholders.
An investor pulled the plug on fresh funding after plans to build a new plant in Dundee were scrapped.
AMTE said in a stock market notice: “The board has no other options to secure finance in the time available and has therefore concluded that the company has insufficient funds to continue trading.”
It said it appointed FRP Advisory as administrator to find a buyer and trading of its shares are suspended.
The company, which is based in Oxfordshire but has its main operations in Thurso, planned a 0.5GWh half-gigafactory in Dundee to make batteries for potential clients such as BMW and Cosworth.
AMTE had a long history in developing lithium cells, making some of the first examples in the 1990s. Recently, AMTE said it tested cells that can be charged fully in six minutes in a breakthrough for charging technology.
However, it has been making a loss. It did not get the firm orders it needed from carmakers and other potential customers, or a patient investor that could fuel an expansion in production. …
AMTE’s fate mirrors that of Britishvolt, another would-be independent U.K. gigafactory.
Britishvolt was the brainchild of former investment banker Orral Nadjari, who saw the looming demand for batteries from carmakers in the U.K. and a gap in the market for an independent producer, planning a £3.8bn factory in Blyth, Northumberland.
But it ran out of funding after borrowing became more expensive. At the time of its demise in January, the company had signed initial deals with carmakers such as Aston Martin, but it had secured no firm orders.
Meanwhile, most of the biggest carmakers in the U.K., including Nissan, JLR, Mini and Aston Martin, have secured alternative supplies for cells.