AMTE Power PLC Highlands and Islands Enterprise loan (9882U)
March 31 2023 - 7:51AM
UK Regulatory
TIDMAMTE
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 GBP580,000 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 Tel: +44 (0)207 220
and Joint Broker) 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
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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END
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