AMTE Power PLC Faraday Battery Challenge (4389E)

TIDMAMTE

RNS Number : 4389E

AMTE Power PLC

29 June 2023

The following amendment has been made to the 'Faraday Battery Challenge' announcement released on 29 June 2023 at 11:22 under RNS No 4016E.

The About AMTE Power paragraph has been amended.

All other details remain unchanged.

The full amended text is shown below.

29 June 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.

AMTE Power Plc

("AMTE Power" or the "Company")

Faraday Battery Challenge

AMTE Power plc, a leading UK developer and manufacturer of battery cells for specialist markets, is aware of an announcement by the UK Battery Industrialisation Centre that it, with two other companies, has been awarded part of a GBP1 million funding package.

The Company understands that it has been awarded a grant of GBP398,000 for the production of cells at the UK Battery Industrialisation Centre. The grant is only accessible on completion of defined production and therefore has no impact on the Company's financial position. The Board is currently awaiting details of the award and the conditions relating thereto and will make a further announcement in due course.

As announced yesterday, it remains the case that should the Company be unable to secure additional funding within no less than the next three weeks, the prospects for recovery of value, if any, by shareholders would be uncertain.

The person responsible for arranging the release of this announcement on behalf of the Company is Anita Breslin, Chief Financial Officer of the Company.

Enquiries

 
 AMTE Power plc                                 +44 (0)1847 867 200 
 Alan Hollis (Chief Executive Officer) 
  Anita Breslin (Chief Financial Officer) 
 
 WH Ireland (NOMAD and Joint Broker)            +44 (0)207 220 1666 
 Chris Fielding / James Bavister (Corporate 
  Finance) 
 Fraser Marshall (Corporate Broking) 
 
 Panmure Gordon (UK) Limited (Joint 
  Broker)                                       +44 (0)207 886 2500 
 John Prior / James Sinclair-Ford (Corporate 
  Finance) 
 Hugh Rich (Corporate Broking) 
 
                                                +44 (0)203 757 4992 
 Camarco (Financial PR)                          / 4981 
 Ginny Pulbrook / 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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. 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.

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

MSCEASKNAEFDEFA

(END) Dow Jones Newswires

June 29, 2023 11:03 ET (15:03 GMT)

Amte Power (LSE:AMTE)
Historical Stock Chart
From Feb 2025 to Mar 2025