REG - AMTE Power PLC - Confirmation of Grant Award

Amte PowerAnnouncement

16/12/2021 07:01

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RNS Number : 7833V  AMTE Power PLC  16 December 2021

16 December 2021

 

AMTE POWER PLC

To partner Sprint,  BMW and BP in a Government-funded Project

to Reduce Electric Vehicle charge times to 12 minutes

 

Further to the announcement on 18 August 2021, AMTE Power plc ("AMTE Power" or
the "Company"), a developer and manufacturer of lithium-ion and sodium-ion
battery cells for specialist markets, is pleased to announce that the Company
has been confirmed as a partner in a new UK Government funded project called
CELERITAS to develop ultra-fast charging systems for electric vehicles.

Currently the best-in-class charging systems take approximately 22 minutes for
a 10-80% charge for a 280-mile range. The CELERITAS project is aiming to
deliver an 80% charge in just 12 minutes. Reducing charge times has been
identified as key to accelerating the widespread switch by consumers to
electric vehicles.

The project will be part funded by the UK Government through the Advanced
Propulsion Centre. ("APCUK").

AMTE Power's role will be to develop its high power pouch cells into a
cylindrical cell format and provide these cells as the rapid charging cell
technology that sits at the heart of the system. The grant funding relating to
this project was anticipated in the Company's forecasts for future grant
income.

The five other partners involved in project CELERITAS are expected to be: BMW
Group, BP, Sprint Power, a British technology company specialising in low
carbon technology, Clas-Sic, the dedicated Silicon Carbide Wafer foundry and
Eltrium, a designer and manufacturer of electrical harnesses and energy
storage systems.

This is the second APCUK funded project AMTE has been selected to be a key
partner in. The first, announced in June 2021, is Project ULTRA for which AMTE
is the lead supplier.

Kevin Brundish, Chief Executive Officer of AMTE Power, said:

 

"A key focus of this project is to target BMW's future battery specifications
and requirements with each partner bringing innovations to the battery
platform. It is therefore an excellent opportunity to contribute as well as
demonstrate the capabilities of our cell technology to the other partners not
just for fast charging but also for fast discharge (acceleration) and
ultimately vehicle range."

The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

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 and sodium-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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