The firm, known for its lithium-ion and sodium-ion battery cells, had plans for a £190m gigafactory in Dundee, which promised to create 215 jobs locally and an additional 800 in the supply chain.

Despite these ambitious plans, AMTE Power struggled financially, unable to raise the necessary funds to continue its operations. A statement released by the board explained that at present there are “no other options to secure finance in the time available”, leading to the conclusion “that the company has insufficient funds to continue trading”.

FRP Advisory been appointed to manage an accelerated M&A process to find a buyer for the firm.

Richard Bloomfield, director at FRP, said: “AMTE Power is a leading player in the UK’s battery cell manufacturing capabilities and has an important role as part of the wider infrastructure that supports the nation’s clean energy transition.

“We expect interest from trade and institutional investors as we work diligently to secure a future for the business.”