AMTE.L Share News (AMTE)

(Sharecast News) - Lithium-ion and sodium-ion battery technology company AMTE Power said on Wednesday that it was shortly expected to be confirmed as a partner in a new UK government-funded project called 'CELERITAS', to develop ultra-fast charging systems for electric and fuel-cell vehicles.
The AIM-traded firm said Sprint Power was leading the new £9.7m project, aimed at developing ultra-fast charging cells and battery packs for battery electric vehicles and fuel-cell hybrid electric vehicles, which would aim to address existing consumer concerns around the charging speeds of electric vehicles.

Funding for CELERITAS was being jointly delivered by the UK's Advanced Propulsion Centre (APCUK), as well as the consortium members.

In addition to AMTE and Sprint Power, the consortium included BMW, BP, Clas-SiC and Eltrium.

The battery platform, targeting BMW's future battery specifications and requirements, would include rapid charging cell technology being developed by AMTE.

AMTE said the announcement followed its update on 24 June, in which it confirmed that it was selected as the "lead supplier" in a separate three-year project called 'ULTRA', which was also part funded by APCUK.

"We are looking forward to being confirmed as a partner in this project and to collaborating closely alongside these market leading companies in our sector," said chief executive officer Kevin Brundish.

"AMTE is focussed on bringing high power cells to the market which are different and complementary to traditional energy cells, and provide an opportunity to optimise fast charging, fast discharge - acceleration - and ultimately vehicle range.

"This is a prestigious project to be involved with and would contribute to ensuring we meet our targets for grant income."

At 1422 BST, shares in AMTE Power were up 5.05% at 210.2p.