RCS - AMTE Power PLC - MoU with Cosworth to Supply UHP Cells

Amte PowerAnnouncement

05/08/2022 07:00

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RNS Number : 9376U  AMTE Power PLC  05 August 2022

5 August 2022
 
 
REACH

 

AMTE Power Plc

("AMTE Power" or the "Company")

 

AMTE Power and Cosworth enter partnership to develop next-generation engines
for electric vehicles

AMTE Power Plc ("AMTE Power"), a leading manufacturer of battery cells for
specialist markets, has signed a memorandum of understanding ("MoU") with
automotive engineering company Cosworth ("Cosworth") to support the
development of next-generation electric vehicles.

The non-binding MoU paves the way for AMTE Power to supply its Ultra High
Power ("UHP") cells for use in Cosworth's advanced propulsion technologies.

A partner to major OEMs, Cosworth designs innovative battery and electric
vehicle solutions to power the high-performance automotive, aerospace and
marine sectors.  Following its recent acquisition of electrification
specialist Delta, the company has accelerated its development of battery
systems to complement its market-leading electrified powertrains and engines.

AMTE Power's cell technology will be used in Cosworth's technologies which are
developed at the engineering company's state-of-the-art facilities.

The differentiated UHP lithium-ion cell is specifically designed by AMTE Power
to meet the requirements of the electric vehicle market, balancing power,
weight and safety needs.  With rapid charging and discharging time, the cell
is ideally suited for use within Cosworth's advanced technologies and
end-to-end vehicle solutions.

With fully-owned intellectual property rights for the product, AMTE Power is
in the advanced stages of developing the UHP cell which is currently going
through scale-up and testing trials at the UK Battery Industrial Centre
("UKBIC").  Along with manufacturing at the facility, the business is
accelerating production of its cells at its production factory in Thurso,
Scotland.

AMTE Power has recently announced a series of commercial opportunities as it
scales up production of its next generation battery cells to support the
net-zero transition and continues its pathway towards commercialisation. To
support this growth, the Company announced last week the location for its
first Megafactory in Dundee, Scotland, which will enable AMTE Power to produce
its cells in the UK at industrial scale and get its high value products to
market quickly and efficiently.

Kevin Brundish, CEO of AMTE Power, commented:

"There is an increasing need for advanced, next-generation battery cells for
use within technologies to power the net-zero transition.  This collaboration
with Cosworth is the start of a partnership which will see our market-leading
UHP cell used to power electric vehicles across high-performance automotive,
aerospace and marine markets. It's another key step in our journey as we scale
up production and move towards commercialisation."

Hal Reisiger, CEO of Cosworth, commented:

"At Cosworth, we are committed to playing a leading role in the development of
future technology in the high-performance automotive space. We have built up
an enviable wealth of cross-sector experience that allows us to deliver and
integrate cutting edge solutions into even the most niche customer programs.
Through our battery offering, we can deliver and integrate high-power systems
from flexible, scalable modules at low volumes. The new co-operation with AMTE
Power will further strengthen our existing capabilities in this important
area."

 

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/

 

About Cosworth

Cosworth is a global technology business with six decades of engineering
experience that delivers propulsion, electronics, and software solutions for
customer in the automotive, aerospace, and marine sectors. Whether through
hybrid or EV propulsion, data connectivity or automation technology, Cosworth
is ready to solve new challenges with mobility solutions of the future. No
matter the complexity of the project, Cosworth can, design, develop and
manufacture clean sheet solutions from its state-of-the-art facilities.

For further information, visit www.cosworth.com (http://www.cosworth.com)

 

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