Faraday Battery Challenge

AMTE Power PLC

29 June 2023

 

29 June 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.

AMTE Power Plc

("AMTE Power" or the "Company")

Faraday Battery Challenge

AMTE Power plc, a leading UK developer and manufacturer of battery cells for specialist markets, is aware of an announcement by the UK Battery Industrialisation Centre that it, with two other companies, has been awarded part of a £1 million funding package.

The Company understands that it has been awarded a grant of £398,000 for the production of cells at the UK Battery Industrialisation Centre. The grant is only accessible on completion of defined production and therefore has no impact on the Company's financial position. The Board is currently awaiting details of the award and the conditions relating thereto and will make a further announcement in due course.

As announced yesterday, it remains the case that should the Company be unable to secure additional funding within no less than the next three weeks, the prospects for recovery of value, if any, by shareholders would be uncertain.

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

Enquiries

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

Faradion is the world leader in sodium-ion battery technology that provides low cost, high performance, safe and sustainable energy. Its proprietary technology delivers leading-edge, cost-effective solutions for a broad range of applications, including mobility, energy storage, back-up power and energy in remote locations. Faradion's patented zero-volt capability enables the safe transportation and maintenance of sodium-ion batteries. The wide operating temperature range, high energy density and fast charge/discharge capability combine to offer a next generation, drop-in solution. Its sodium-ion batteries contain no cobalt, no lithium and no copper, resulting in a safe and sustainable, cost-effective, high -performance technology.

For more information, visit www.faradion.co.uk or follow us on Twitter @faradion_uk.

 

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