REG - AMTE Power PLC - Faraday Battery Challenge

Amte PowerAnnouncement

29/06/2023 11:30

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RNS Number : 4016E  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                                        +44 (0)1847 867 200
 Alan Hollis (Chief Executive Officer)

 Anita Breslin (Chief Financial Officer)

 WH Ireland (NOMAD and Joint Broker)                   +44 (0)207 220 1666
 Chris Fielding / James Bavister (Corporate Finance)
 Fraser Marshall (Corporate Broking)

 Panmure Gordon (UK) Limited (Joint Broker)            +44 (0)207 886 2500
 John Prior / James Sinclair-Ford (Corporate Finance)
 Hugh Rich (Corporate Broking)

 Camarco (Financial PR)                                +44 (0)203 757 4992 / 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
(http://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 (http://www.faradion.co.uk/) or
follow us on Twitter @faradion_uk (https://twitter.com/faradion_uk) .

 

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