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Amte Power shares rise on battery cells pact with Cosworth

Fri, 05th Aug 2022 10:42

(Alliance News) - Amte Power PLC on Friday said it signed a memorandum of understanding with automotive engineering firm Cosworth to support the development of its new electric vehicles.

Under the agreement, Amte will supply its 'ultra high power cells' to be used in Cosworth's propulsion technology.

Chief Executive Kevin Brundish said: "This collaboration with Cosworth is the start of a partnership which will see our market-leading UHP cell used to power electric vehicles across high-performance automotive, aerospace and marine markets. It's another key step in our journey as we scale up production and move towards commercialisation."

Output is accelerating at its Thurso, Scotland production facility, Amte explained.

Shares were up 20% at 88.00 pence on Friday morning in London.

By Heather Rydings; heatherrydings@alliancenews.com

More News

2 Feb 2024 10:46

IN BRIEF: Amte Power joint administrators agree business, asset sale

Amte Power PLC - London-based lithium-ion and sodium-ion battery cells developer - Says joint administrators Richard Bloomfield, Ian Corfield and Michelle Marie Elliot of FRP Advisory Trading Ltd have entered a business & sale agreement, regarding the sale of a part of the trading business and some other assets to LionVolt Ltd. Amte Power reiterates that if it fails to appoint a replacement nominated advisor following the resignation of WH Ireland Ltd in January, its admission of shares to trading on AIM will be cancelled. AMTE has one month to appoint a new nominated advisor after WH Ireland's resignation on January 19.

19 Jan 2024 14:27

IN BRIEF: Amte Power pursuing sale of assets; appoints administrators

Amte Power PLC - London-based lithium-ion and sodium-ion battery cells developer - Appoints administrators from FRP Advisory Trading Ltd as it engages in "advanced negotiations" for the sale of its business and assets to an unnamed third party.

8 Jan 2024 12:47

Amte Power files second notice of intention to appoint administrator

(Alliance News) - Amte Power PLC on Monday said it filed a second notice of intention to appoint an administrator, after receiving interest in its business and assets.

19 Dec 2023 15:58

AMTE Power suspends trading and enters into administration

(Alliance News) - AMTE Power PLC announced on Tuesday that it intends to appoint administrators after failing to raise funds to continue trading.

4 Dec 2023 17:33

TRADING UPDATES: 600 Group disposal and funding talks continue

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

16 Nov 2023 19:55

TRADING UPDATES: AMTE Power in subscription deal, launches placing

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

16 Nov 2023 04:30

TRADING UPDATES: Zephyr Energy sales fall in third quarter

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

10 Nov 2023 17:15

Amte Power makes progress on subscription as eyes averting insolvency

(Alliance News) - Amte Power PLC on Friday said it made "good progress" in negotiations with an unnamed equity investor over a proposed GBP2.5 million subscription, which it needs to complete in order to avoid entering administration.

2 Oct 2023 18:40

EARNINGS AND TRADING: EDX Medical reports loss; Brandshield CFO leaves

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

27 Sep 2023 15:02

Amte Power plans to raise GBP250,000 through retail offer

(Alliance News) - Amte Power PLC shares were down on Wednesday, after it said it plans to raise GBP250,000 through a retail offer.

26 Sep 2023 21:47

TRADING UPDATES: Anglo Asian to restart Gedabek operations on approval

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

25 Sep 2023 21:59

IN BRIEF: AMTE Power aims for trading suspension to be lifted

Amte Power PLC - London-based lithium-ion and sodium-ion battery cells developer and manufacturer - Says that following its general meeting on Monday, it will issue 112.6 million conditional placing shares. Application has been made to the London Stock Exchange for the admission of these shares to trading on AIM. It is expected these will become effective on September 26.

8 Sep 2023 10:01

AMTE Power raises GBP2 million in equity as progresses new investor

(Alliance News) - AMTE Power on Friday said it will raise GBP2.1 million in fresh equity but at a steeply discounted price.

25 Jul 2023 16:31

AMTE Power shares skyrocket as new equity investor to buy 80% stake

(Alliance News) - AMTE Power PLC on Tuesday announced that an unnamed potential new equity investor proposed to buy a large stake in the company.

20 Jul 2023 11:12

IN BRIEF: Amte Power says it needs funding, situation "critical"

Amte Power - London-based lithium-ion and sodium-ion battery cells developer and manufacturer - Continues discussions with existing and potential investors about raising further finance. Says that the company is in a "critical" situation and faces the possibility it could go into administration in the next few days if a solution is not found. Its shares on AIM would be suspended immediately if it was put into administration.

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