Amte Power PLC - developer and manufacturer of lithium-ion and sodium-ion battery cells - Wins UK government part-funded project to develop EV charging systems. Amte will develop high power pouch cells into a cylindrical cell format and provide these cells as the rapid charging cell technology that sits at the heart of the system. The grant funding relating to this project was anticipated in the Company's forecasts for future grant income. Amte will partner with Sprint, BMW AG and BP PLC to reduce electric vehicle charge times to 12 minutes.
Chief Executive Officer Kevin Brundish says: "A key focus of this project is to target BMW's future battery specifications and requirements with each partner bringing innovations to the battery platform. It is therefore an excellent opportunity to contribute as well as demonstrate the capabilities of our cell technology to the other partners not just for fast charging but also for fast discharge (acceleration) and ultimately vehicle range."
Current stock price: 150 pence, down 14% from 175p IPO price
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.