AMTE Power PLC AGM Statement (6025S)
17 November 2021 - 06:00PM
UK Regulatory
TIDMAMTE
RNS Number : 6025S
AMTE Power PLC
17 November 2021
17(th) November 2021
AMTE POWER PLC
("AMTE Power" or the "Company")
AGM Statement
AMTE Power (AIM:AMTE), a developer and manufacturer of
lithium-ion and sodium-ion battery cells for specialist markets, is
holding its Annual General Meeting ("AGM") today.
At the meeting, Chairman, David Morgan, will make the following
statement and trading update:
"I am pleased to report the Company continues to make excellent
progress in line with our planned Pathway to Production with our
cells moving towards certification and high speed production rates
whilst advancing our plans to build a Gigafactory.
Transition to Volume Production
The development of our Ultra Energy cell (automotive and energy
storage) and our Ultra High Power cell (automotive and aerospace),
are moving towards UN38.3 certification, expected in December 2021
for the Ultra Energy cell and by March 2022 for the Ultra High
Power cell. Both cells have been transferred to the UK Battery
Industrialisation Centre ("UKBIC") to scale up production to speeds
representative of a Gigafactory, which will demonstrate that the
cell designs are capable of mass manufacture. Once certified, and
being manufactured at high production rates, these cells will be
available for release to potential customers which in some cases
will be for extensive trials through inclusion in product
development programmes.
The Ultra Storage cell is being designed for manufacture in
Australia through our joint venture company, Bardan Cells Ltd, with
UN38.3 certification expected by June 2022, and will be available
for release to potential customers thereafter.
The Ultra Prime cell, designed for use in deep wells, is
commencing manufacture in our site in Thurso. The cells are for a
tier 1 supplier to the oil and gas industry who will certify the
cell ahead of volume supply commencing, under an existing off-take
agreement, in 2023.
Client Engagement
We believe we are well placed to transition to volume production
w ith over 79 active engagements in total, the majority of which
are for supply of the Ultra Energy and Ultra High Power cells.
Target customers include BMW, Arrival, a number of other leading
brands in performance and commercial vehicles, energy storage
operators and the UK's largest integrator of electric power trains.
The negotiation of commercial offtake agreements will take place
throughout 2022 with target customers who have acquired our battery
cells for testing or who have made one-off orders for batches of
cells.
Expanding Production Capacity - Gigafactory
The planning of the UK Gigafactory is progressing well, with
discussions continuing with the government funded Automotive
Transformation Fund and a site is scheduled to be selected during
2022 from 3 sites currently under evaluation. Meanwhile, our
Australian joint venture is nearing the completion of negotiations
with equipment suppliers, and expects to select a site, order
equipment and break ground by September 2022 .
We are pleased that progress is being achieved in line with our
expectations, and we expect 2022 to be another significant year for
the business."
For further information contact:
AMTE Power plc Tel: +44 (0)1847 867 200
Kevin Brundish (Chief Executive Officer)
James Hobson (Chief Financial Officer)
WH Ireland Limited (NOMAD and Joint Broker) Tel: +44 (0)207 220 1666
Chris Fielding / B en Good
SI Capital Limited (Joint Broker) Tel: +44 (0)1483 413 500
Nick Emerson / Nick Briers
Novella Communications Tel: +44 (0)203 151 7008
Tim Robertson / Fergus Young
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, making the Company the only listed UK battery
manufacturer. 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 automotive
industry, oil and gas market and energy storage sector. AMTE'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 the Company's website:
www.amtepower.com
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END
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