Kevin Brundish, CEO of AMTE Power

Admission is expected to take place during March 2021. The company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the company.

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, lithiumion and lithium-ion derivative battery cells to meet the needs of specialist customers.

Such customers, which include manufacturers of high-performance vehicles and specialist equipment, are not, in the Directors’ experience, the primary focus of the international battery cell manufacturers, thereby creating a significant and scalable opportunity for the company.

Kevin Brundish, CEO of AMTE Power, said: “Early on we chose to focus on the requirements of specialist customers whose power, performance and endurance needs are, we believe, outside the scope of the international manufacturers and also to not simply be a developer but have the manufacturing capability to deliver our products.

“The combination of which, we believe, differentiates AMTE and places us in a highly advantageous position.

“To give an example, our Ultra High Power battery cell which is designed for a high-performance sports car, needs to generate more power, than an average automotive battery, to deliver the required acceleration. To help develop and better understand the requirements for our products we have been working collaboratively with nine automotive companies including Jaguar Land Rover, Cosworth and Williams.

“We have also been working with the UK Government on our plans for building a British Gigafactory which is part of the company’s medium term outlook. However, today’s announcement is about funding the final development and production of the Company’s three advanced battery cells where we see significant commercial opportunities.”