REG - AMTE Power PLC - Highlands and Islands Enterprise loan

Amte PowerAnnouncement

31/03/2023 13:00

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RNS Number : 9882U  AMTE Power PLC  31 March 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.

 

For immediate release

 

31 March 2023

 

AMTE Power PLC

Highlands and Islands Enterprise loan

AMTE Power plc (AIM: AMTE) ("AMTE Power", the "Company" and together with its
subsidiary undertakings, the "Group"), a leading UK developer and manufacturer
of lithium-ion and sodium-ion battery cells for specialist applications in
growing markets, today announces that it has agreed an unsecured £580,000
loan (the "Loan") from Highlands and Islands Enterprise ("HIE"). The Loan
shall be used for general working capital purposes to support the Group's
operations in Thurso.

The Loan, which is repayable after three years and incurs interest, after an
initial twelve-month interest free period, at 6.5 per cent. per annum.  The
Loan contains certain customary covenants and events of default in favour of
HIE.

The Company remains in discussions with HIE regarding the possibility of HIE
providing a further loan to be used for similar purpose.  However, there can
be no assurances that such further loan will be agreed nor that the Company
will receive any further funding from HIE.

Alan Hollis, CEO of AMTE Power, commented:

"We are delighted to receive this support from Highlands and Islands
Enterprise, the leading government agency in our region, which demonstrates
our future contribution to the local community."

Eann Sinclair, Caithness & Sutherland Area Manager at HIE, commented:

"AMTE is a key employer in Caithness, and we are delighted to support the
Company as it transitions from its research and development work into
manufacturing."

The person responsible for arranging the release of this announcement on
behalf of the Company is Anita Breslin, Chief Financial Officer of the
Company.

ENDS

 

Enquiries:

 

 AMTE Power plc                                           Tel: +44 (0)1847 867 200
 Alan Hollis (Chief Executive Officer)
 Anita Breslin (Chief Financial Officer)
 WH Ireland Limited (Nominated Adviser and Joint Broker)  Tel: +44 (0)207 220 1666
 Chris Fielding / James Bavister (Corporate Finance)
 Fraser Marshall (Corporate Broking)
 Panmure Gordon (UK) Limited (Joint Broker)               Tel: +44 (0)207 886 2500
 John Prior / James Sinclair-Ford (Corporate Finance)
 Hugh Rich (Corporate Broking)
 Camarco (Financial PR)                                   Tel: +44 (0)20 3757 4992 / 4981
 Ginny Pulbrook / Tom Huddart / 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 Highlands and Islands Enterprise

 

Highlands and Islands Enterprise ("HIE") is an economic and community
development agency implementing Scotland's Economic Strategy across a region
that covers more than half the country. With around 300 colleagues, HIE
supports hundreds of client businesses and social enterprises; strengthens
communities, particularly in fragile areas; develops growth sectors, and
invests in infrastructure to create a more competitive and low carbon region.

For further information you can visit HIE's website at www.hie.co.uk

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