Appointed to Lead New Government EV Project

RNS Number : 8798C

AMTE Power PLC

24 June 2021

 

24 June 2021

AMTE POWER PLC

Leads New Government Funded APC Electric Vehicle Project

AMTE Power plc ("AMTE Power" or the "Company"), a developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets, is pleased to announce the Company has been selected as the lead supplier in a new Government funded 3 year project called ULTRA focused on bringing two AMTE Power lithium-ion batteries to automotive readiness.

The project will be part funded by the UK Government's Advanced Propulsion Centre  ("APC") with a grant of £5.0 million. APC is a government funded body focused on supporting the UK automotive industry in the lead up to the electrification of the market in 2030. The funding will be divided between AMTE Power and 3 other automotive supply chain companies with AMTE Power receiving £2.3 million, over the next three years.

Well known, leading global automotive manufacturers will be closely involved in the project as Steering Partners providing close co-operation and guidance on technical and commercial requirements of AMTE's Ultra Energy and Ultra High Power cells, with the key aim of the programme being to ensure they are ready for volume manufacture.

The three other automotive supply chain companies involved in the Ultra project are Magtec, designer of electric drive systems, who is participating with the aim of proving the Ultra Energy cell performance in two of their commercial electric vehicles; Petalite, a leader in electric vehicle charging will provide essential fast charging equipment; and Avocet, the precision metal supplier will provide a UK copper foil supply chain.

As part of the project, the Ultra High Power cell will be sent to Steering Partners for external validation and adoption in their vehicle prototypes. Similarly, the Ultra Energy cell will be demonstrated working in Magtec's two commercial Electric Vehicle prototypes.

Kevin Brundish, Chief Executive Officer of AMTE Power, said: "We are delighted to have been chosen to lead this project. The APC selects companies who they believe will be key players in the UK's electric vehicle supply chain, and funds projects that will take products into this high volume market. Working closely with leading automotive manufacturers and supply chain companies is an ideal position to be in as we work towards volume production of our products. 

Importantly, this project will not affect the existing commercialisation plans for these cells, as set out at the time of our IPO, it will instead be complementary and focus on readiness to mass produce for our targeted automotive client base."

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information contact:

AMTE Power plc Kevin Brundish (Chief Executive Officer) Adam Westcott (Chief Financial Officer)	Tel: [phone]
WH Ireland Limited (NOMAD and Joint Broker) Chris Fielding / Matt Chan	Tel: [phone]
SI Capital Limited (Joint Broker) Nick Emerson / Nick Briers	Tel: [phone]
Novella Communications Tim Robertson / Fergus Young	Tel: [phone]

ABOUT AMTE POWER PLC

AMTE Power was founded in 2013 and is a leading developer and manufacturer of lithium-ion battery cells for specialist markets. In March 2021, the Company listed 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 automotive industry, oil and gas market and energy storage sector. AMTE'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. For further information visit the Company's website:  www.amtepower.com

 

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