TIDMAMTE
AMTE Power PLC
07 June 2022
Reach
AMTE Power Plc
("AMTE Power" or the "Company")
AMTE Power and Viritech to collaborate on hydrogen hypercars
AMTE Power Plc, the developer and manufacturer of lithium-ion
and sodium-ion battery cells for specialist markets, has signed a
memorandum of understanding ("MoU") with advanced powertrain
developer Viritech Ltd ("Viritech") to support the development of
hydrogen fuel cell electric vehicles ("FCEVs").
The MoU paves the way for the parties to establish an agreement
to supply AMTE Power's Ultra High Power ("UHP") cells for use in
Viritech's battery packs for high performance FCEV projects,
including heavy goods vehicles ("HGVs"), light commercial vehicles,
marine, aerospace, and distributed power applications and
Viritech's hypercar project, Apricale.
The development of hydrogen fuel cell technology is believed to
be critical to the development of zero emission vehicles. An
alternative to fully electric vehicles, fuel cells mitigate
challenges around weight and cell charge times in high power and
performance vehicles compared to battery power alone. The Advanced
Propulsion Centre UK forecasts that global FCEV markets will
experience rapid expansion as economies move away from fossil
fuels, with sales anticipated to exceed 1 million vehicles by 2030
and 10 million vehicles by 2040.
Viritech's innovative powertrain combines hydrogen fuel cells
with high-performance lithium-ion cells. The technology is intended
to provide an additional power boost on ignition, acceleration and
when driving on a gradient, as well as enabling smaller, more
lightweight battery systems that reduce weight compromises.
Charging for the battery cells can be generated through the
operation of the fuel cell and regenerative braking.
The H2 powertrain technology is integral to Viritech's flagship
hypercar, the Apricale, and to the development of zero emission
HGVs.
AMTE Power's differentiated UHP lithium-ion cell has been
designed to target the high power automotive market. With
fully-owned intellectual property rights for the product, AMTE
Power is in advanced stages of development for the UHP, which is
currently going through scale-up and testing trials at the UK
Battery Industrialisation Centre ("UKBIC").
The MoU is the latest in a series of commercial opportunities
announced by the business within the automotive market as it
continues its pathway to commercialisation. The business confirmed
earlier this year that it anticipates making an announcement within
2022 on new production facilities for its cell types that will
enable the business to produce UK-based cells at industrial
scale.
Kevin Brundish, CEO of AMTE Power commented :
"Batteries are essential to the transition to hydrogen electric
vehicles and our UHP cells are the perfect fit for this
collaboration, with our carefully refined cell chemistry able to
fulfil the specific power, weight and safety requirements for
Viritech's power trains. This partnership will help the EV industry
move to net zero emissions while ensuring the UK remains a
competitive player in automotive manufacturing."
Matt Faulks, CTO of Viritech commented :
"We are really excited about working with AMTE Power. We look
forward to seeing what the businesses can achieve together and how
AMTE Power's battery technology can assist with lightweighting zero
emission vehicles that are critical to the decarbonisation of
global transport systems."
ENDS
Enquiries:
AMTE Power plc +44 (0)1847 867 200
Kevin Brundish (Chief Executive
Officer)
James Hobson (Chief Financial
Officer)
WH Ireland Limited (NOMAD and
Joint Broker) +44 (0)207 220 1666
Chris Fielding / Ben Good
Panmure Gordon (UK) Limited
(Joint Broker) +44 (0)207 886 2500
John Prior / Harriette Johnson
(Corporate Finance)
Hugh Rich (Corporate Broking)
Camarco +44 (0)203 757 4992
Ginny Pulbrook / Tom Huddart
/ Rosie Driscoll
About AMTE Power PLC
AMTE Power was founded in 2013 and is a leading developer and
manufacturer of lithium-ion battery cells for specialist markets.
In March 2021, the Company listed 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.
For further information visit: https://amtepower.com/
About Viritech
Viritech is a passionate, cleantech engineering company, with a
mission to become the leading developer of hydrogen powertrain
solutions for the automotive, aerospace, marine and distributed
power industries as they transition to a new era of sustainable
transportation.
Based at the MIRA Technology Park in Warwickshire, Viritech has
recruited an exceptional team of engineers from Formula 1 and
motorsport to create an engineering culture focused on rapid
development and rigorous optimisation of mass, packaging,
performance, economy and sustainability.
Using the Apricale(R) hypercar as its primary development
platform, Viritech is creating a family of hydrogen powertrain
solutions, with immediate applications in areas where power, range
and weight are critical, such as high-performance cars, heavy
transport, aviation, marine and distributed power.
While Viritech's immediate focus is on demonstrating its
technology in niche applications, ultimately its powertrain
technologies, including energy management systems and structural
hydrogen pressure vessels, will have application for global OEMs
and Tier 1s as they embrace the age of hydrogen.
For more information, please visit www.viritech.co.uk
This information is provided by Reach, the non-regulatory press
release distribution service of RNS, part of the London Stock
Exchange. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
Reach is a non-regulatory news service. By using this service an
issuer is confirming that the information contained within this
announcement is of a non-regulatory nature. Reach announcements are
identified with an orange label and the word "Reach" in the source
column of the News Explorer pages of London Stock Exchange's
website so that they are distinguished from the RNS UK regulatory
service. Other vendors subscribing for Reach press releases may use
a different method to distinguish Reach announcements from UK
regulatory news.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NRAUPUBWQUPPGMQ
(END) Dow Jones Newswires
June 07, 2022 02:01 ET (06:01 GMT)
Amte Power (LSE:AMTE)
Historical Stock Chart
From Apr 2024 to May 2024
Amte Power (LSE:AMTE)
Historical Stock Chart
From May 2023 to May 2024