Amte Power PLC - London-based developer and manufacturer of lithium-ion and sodium-ion battery cells - Says its cell development is nearing completion as it is getting closer to producing "high-value" cells commercially.
"We are on the cusp of commercial volume production for our high-value cells, and we continue to see a huge amount of customer interest in our products. Our products and expertise will play a fundamental part in the UK energy transition, and we remain passionate about reaching a net zero economy," states Chief Executive Officer Kevin Brundish.
Further, the battery cell producer cites UK and EU legislation "coming into force in just two years' time which will stipulate that batteries for electric vehicles made in the EU or UK need to be manufactured with at least 50 per cent of locally sourced materials by value in order to avoid tariffs".
Meanwhile, Amte's Chief Financial Officer James Hobson is considering leaving the company as he received an approach from another firm. He would not leave before November 30, Amte added. The company will release its annual results for the year ended June 30 in November.
Current stock price: 94.00 pence, up 1.6% on Tuesday
12-month change: down 57%
By Tom Budszus; tombudszus@alliancenews.com
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