Highlands and Islands Enterprise loan

RNS Number : 9882U

AMTE Power PLC

31 March 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF REGULATION (EU) NO 596/2014 WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

For immediate release

31 March 2023

AMTE Power PLC

Highlands and Islands Enterprise loan

AMTE Power plc (AIM: AMTE) ("AMTE Power", the "Company" and together with its subsidiary undertakings, the "Group"), a leading UK developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist applications in growing markets, today announces that it has agreed an unsecured £580,000 loan (the "Loan") from Highlands and Islands Enterprise ("HIE"). The Loan shall be used for general working capital purposes to support the Group's operations in Thurso.

The Loan, which is repayable after three years and incurs interest, after an initial twelve-month interest free period, at 6.5 per cent. per annum.  The Loan contains certain customary covenants and events of default in favour of HIE.

The Company remains in discussions with HIE regarding the possibility of HIE providing a further loan to be used for similar purpose.  However, there can be no assurances that such further loan will be agreed nor that the Company will receive any further funding from HIE.

Alan Hollis, CEO of AMTE Power, commented:

"We are delighted to receive this support from Highlands and Islands Enterprise, the leading government agency in our region, which demonstrates our future contribution to the local community."

Eann Sinclair, Caithness & Sutherland Area Manager at HIE, commented:

"AMTE is a key employer in Caithness, and we are delighted to support the Company as it transitions from its research and development work into manufacturing."

The person responsible for arranging the release of this announcement on behalf of the Company is Anita Breslin, Chief Financial Officer of the Company.

ENDS

Enquiries:

AMTE Power plc	Tel: [phone]
Alan Hollis (Chief Executive Officer)
Anita Breslin (Chief Financial Officer)
WH Ireland Limited (Nominated Adviser and Joint Broker)	Tel: [phone]
Chris Fielding / James Bavister (Corporate Finance)
Fraser Marshall (Corporate Broking)
Panmure Gordon (UK) Limited (Joint Broker)	Tel: [phone]
John Prior / James Sinclair-Ford (Corporate Finance)
Hugh Rich (Corporate Broking)
Camarco (Financial PR)	Tel: [phone] / 4981
Ginny Pulbrook / Tom Huddart / Rosie Driscoll

About AMTE Power

AMTE Power was founded in 2013 and is a leading UK developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets. In March 2021, the Company was admitted to trading 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 electric vehicle industry and energy storage sector.

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. AMTE's 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.

For further information visit the Company's website: www.amtepower.com

About Highlands and Islands Enterprise

Highlands and Islands Enterprise ("HIE") is an economic and community development agency implementing Scotland's Economic Strategy across a region that covers more than half the country. With around 300 colleagues, HIE supports hundreds of client businesses and social enterprises; strengthens communities, particularly in fragile areas; develops growth sectors, and invests in infrastructure to create a more competitive and low carbon region.

For further information you can visit HIE's website at www.hie.co.uk

 

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