RCS - AMTE Power PLC - MoU signed with Viritech to supply UHP cells

Amte PowerAnnouncement

07/06/2022 07:00

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RNS Number : 9064N  AMTE Power PLC  07 June 2022

Reach

AMTE Power Plc

("AMTE Power" or the "Company")

 

AMTE Power and Viritech to collaborate on hydrogen hypercars

AMTE Power Plc, the developer and manufacturer of lithium-ion and sodium-ion
battery cells for specialist markets, has signed a memorandum of understanding
("MoU") with advanced powertrain developer Viritech Ltd ("Viritech") to
support the development of hydrogen fuel cell electric vehicles ("FCEVs").

The MoU paves the way for the parties to establish an agreement to supply AMTE
Power's Ultra High Power ("UHP") cells for use in Viritech's battery packs for
high performance FCEV projects, including heavy goods vehicles ("HGVs"), light
commercial vehicles, marine, aerospace, and distributed power applications and
Viritech's hypercar project, Apricale.

The development of hydrogen fuel cell technology is believed to be critical to
the development of zero emission vehicles.  An alternative to fully electric
vehicles, fuel cells mitigate challenges around weight and cell charge times
in high power and performance vehicles compared to battery power alone.  The
Advanced Propulsion Centre UK forecasts that global FCEV markets will
experience rapid expansion as economies move away from fossil fuels, with
sales anticipated to exceed 1 million vehicles by 2030 and 10 million vehicles
by 2040.

Viritech's innovative powertrain combines hydrogen fuel cells with
high-performance lithium-ion cells.  The technology is intended to provide an
additional power boost on ignition, acceleration and when driving on a
gradient, as well as enabling smaller, more lightweight battery systems that
reduce weight compromises.  Charging for the battery cells can be generated
through the operation of the fuel cell and regenerative braking.

The H2 powertrain technology is integral to Viritech's flagship hypercar, the
Apricale, and to the development of zero emission HGVs.

AMTE Power's differentiated UHP lithium-ion cell has been designed to target
the high power automotive market.  With fully-owned intellectual property
rights for the product, AMTE Power is in advanced stages of development for
the UHP, which is currently going through scale-up and testing trials at the
UK Battery Industrialisation Centre ("UKBIC").

The MoU is the latest in a series of commercial opportunities announced by the
business within the automotive market as it continues its pathway to
commercialisation.  The business confirmed earlier this year that it
anticipates making an announcement within 2022 on new production facilities
for its cell types that will enable the business to produce UK-based cells at
industrial scale.

Kevin Brundish, CEO of AMTE Power commented:

"Batteries are essential to the transition to hydrogen electric vehicles and
our UHP cells are the perfect fit for this collaboration, with our carefully
refined cell chemistry able to fulfil the specific power, weight and safety
requirements for Viritech's power trains.  This partnership will help the EV
industry move to net zero emissions while ensuring the UK remains a
competitive player in automotive manufacturing."

Matt Faulks, CTO of Viritech commented:

"We are really excited about working with AMTE Power.  We look forward to
seeing what the businesses can achieve together and how AMTE Power's battery
technology can assist with lightweighting zero emission vehicles that are
critical to the decarbonisation of global transport systems."

 

ENDS

Enquiries:

 AMTE Power plc                                      +44 (0)1847 867 200
 Kevin Brundish (Chief Executive Officer)
 James Hobson (Chief Financial Officer)

 WH Ireland Limited (NOMAD and Joint Broker)         +44 (0)207 220 1666
 Chris Fielding / Ben Good

 Panmure Gordon (UK) Limited (Joint Broker)          +44 (0)207 886 2500
 John Prior / Harriette Johnson (Corporate Finance)
 Hugh Rich (Corporate Broking)

 Camarco                                             +44 (0)203 757 4992
 Ginny Pulbrook / Tom Huddart / Rosie Driscoll

 

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 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.

For further information visit: https://amtepower.com/ (https://amtepower.com/)

 

About Viritech

Viritech is a passionate, cleantech engineering company, with a mission to
become the leading developer of hydrogen powertrain solutions for the
automotive, aerospace, marine and distributed power industries as they
transition to a new era of sustainable transportation.

Based at the MIRA Technology Park in Warwickshire, Viritech has recruited an
exceptional team of engineers from Formula 1 and motorsport to create an
engineering culture focused on rapid development and rigorous optimisation of
mass, packaging, performance, economy and sustainability.

Using the Apricale® hypercar as its primary development platform, Viritech is
creating a family of hydrogen powertrain solutions, with immediate
applications in areas where power, range and weight are critical, such as
high-performance cars, heavy transport, aviation, marine and distributed
power.

While Viritech's immediate focus is on demonstrating its technology in niche
applications, ultimately its powertrain technologies, including energy
management systems and structural hydrogen pressure vessels, will have
application for global OEMs and Tier 1s as they embrace the age of hydrogen.

For more information, please visit www.viritech.co.uk
(http://www.viritech.co.uk)

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