(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
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