Confirmation of Grant Award

RNS Number : 7833V

AMTE Power PLC

16 December 2021

 

16 December 2021

AMTE POWER PLC

To partner Sprint,  BMW and BP in a Government-funded Project

to Reduce Electric Vehicle charge times to 12 minutes

Further to the announcement on 18 August 2021, 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 that the Company has been confirmed as a partner in a new UK Government funded project called CELERITAS to develop ultra-fast charging systems for electric vehicles.

Currently the best-in-class charging systems take approximately 22 minutes for a 10-80% charge for a 280-mile range. The CELERITAS project is aiming to deliver an 80% charge in just 12 minutes. Reducing charge times has been identified as key to accelerating the widespread switch by consumers to electric vehicles.

The project will be part funded by the UK Government through the Advanced Propulsion Centre. ("APCUK").

AMTE Power's role will be to develop its high power pouch cells into a cylindrical cell format and provide these cells as the rapid charging cell technology that sits at the heart of the system. The grant funding relating to this project was anticipated in the Company's forecasts for future grant income.

The five other partners involved in project CELERITAS are expected to be: BMW Group, BP, Sprint Power, a British technology company specialising in low carbon technology, Clas-Sic, the dedicated Silicon Carbide Wafer foundry and Eltrium, a designer and manufacturer of electrical harnesses and energy storage systems.

This is the second APCUK funded project AMTE has been selected to be a key partner in. The first, announced in June 2021, is Project ULTRA for which AMTE is the lead supplier. 

Kevin Brundish, Chief Executive Officer of AMTE Power, said:

" A key focus of this project is to target BMW's future battery specifications and requirements with each partner bringing innovations to the battery platform. It is therefore an excellent opportunity to contribute as well as demonstrate the capabilities of our cell technology to the other partners not just for fast charging but also for fast discharge (acceleration) and ultimately vehicle range."

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) James Hobson (Chief Financial Officer)	Tel: [phone]
WH Ireland Limited (NOMAD and Joint Broker) Chris Fielding / B en Good	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 and sodium-ion battery cells for specialist markets. In March 2021, the Company listed on the AIM market of the London Stock Exchange, making the Company the only listed UK battery manufacturer. 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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