Kevin Brundish

The figure raised by the firm is almost twice the £7m it was originally seeking from investors.

AMTE Power was co-founded in 2013 by Kevin Brundish, together with several others, including former colleagues from QinetiQ, with the objective of developing a portfolio of highly differentiated, lithium-ion and lithium-ion derivative battery cells to meet the needs of specialist customers.

Last month, the firm announced its intention to seek admission to trading on AIM.

Following an oversubscribed placing of, in aggregate, 7,826,816 new and existing shares - and based on a placing price of 175 pence per share - the market capitalisation of the business is approximately £61m.

The placing of new shares has raised gross proceeds of approximately £12.9m for AMTE and around £740,000 for selling shareholders, Insider reports.

AMTE Power’s senior management will own approximately 17% of the firm and the company intends to use the proceeds to finance its working capital requirements, prior to income generation from the commercialisation of its battery cell portfolio.

Kevin Brundish, chief executive of AMTE Power, said: “We are naturally delighted by the investor response from both new and existing shareholders.

“The switch to electrification is clearly happening and not just in the automotive sector but across multiple markets.

“These are trends we anticipated happening eight years ago when we created AMTE Power and today’s listing has significantly strengthened our ability to make the most of this switch to battery power.”