REG - AMTE Power PLC - AGM Statement

Amte PowerAnnouncement

17/11/2021 07:05

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RNS Number : 6025S  AMTE Power PLC  17 November 2021

17(th) November 2021

 

AMTE POWER PLC

("AMTE Power" or the "Company")

AGM Statement

AMTE Power (AIM:AMTE), a developer and manufacturer of lithium-ion and
sodium-ion battery cells for specialist markets, is holding its Annual General
Meeting ("AGM") today.

 

At the meeting, Chairman, David Morgan, will make the following statement and
trading update:

"I am pleased to report the Company continues to make excellent progress in
line with our planned Pathway to Production with our cells moving towards
certification and high speed production rates whilst advancing our plans to
build a Gigafactory.

Transition to Volume Production

The development of our Ultra Energy cell (automotive and energy storage) and
our Ultra High Power cell (automotive and aerospace), are moving towards
UN38.3 certification, expected in December 2021 for the Ultra Energy cell and
by March 2022 for the Ultra High Power cell.  Both cells have been
transferred to the UK Battery Industrialisation Centre ("UKBIC") to scale up
production to speeds representative of a Gigafactory, which will demonstrate
that the cell designs are capable of mass manufacture. Once certified, and
being manufactured at high production rates, these cells will be available for
release to potential customers which in some cases will be for extensive
trials through inclusion in product development programmes.

 

The Ultra Storage cell is being designed for manufacture in Australia through
our joint venture company, Bardan Cells Ltd, with UN38.3 certification
expected by June 2022, and will be available for release to potential
customers thereafter.

 

The Ultra Prime cell, designed for use in deep wells, is commencing
manufacture in our site in Thurso. The cells are for a tier 1 supplier to the
oil and gas industry who will certify the cell ahead of volume supply
commencing, under an existing off-take agreement, in 2023.

 

Client Engagement

We believe we are well placed to transition to volume production with over 79
active engagements in total, the majority of which are for supply of the Ultra
Energy and Ultra High Power cells.  Target customers include BMW, Arrival, a
number of other leading brands in performance and commercial vehicles, energy
storage operators and the UK's largest integrator of electric power trains.
The negotiation of commercial offtake agreements will take place throughout
2022 with target customers who have acquired our battery cells for testing or
who have made one-off orders for batches of cells.

 

Expanding Production Capacity - Gigafactory

The planning of the UK Gigafactory is progressing well, with discussions
continuing with the government funded Automotive Transformation Fund and a
site is scheduled to be selected during 2022 from 3 sites currently under
evaluation. Meanwhile, our Australian joint venture is nearing the completion
of negotiations with equipment suppliers, and expects to select a site, order
equipment and break ground by September 2022.

 

We are pleased that progress is being achieved in line with our expectations,
and we expect 2022 to be another significant year for the business."

 

 

For further information contact:

 AMTE Power plc                               Tel: +44 (0)1847 867 200

 Kevin Brundish (Chief Executive Officer)

 James Hobson (Chief Financial Officer)

 WH Ireland Limited (NOMAD and Joint Broker)  Tel: +44 (0)207 220 1666

 Chris Fielding / Ben Good
 SI Capital Limited (Joint Broker)            Tel: +44 (0)1483 413 500

 Nick Emerson / Nick Briers

 Novella Communications                       Tel: +44 (0)203 151 7008

 Tim Robertson / Fergus Young

 

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, 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
(https://amtepower.com/)

 

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