(Alliance News) - AMTE Power PLC on Friday said it expects revenue and posttax loss to be in line with market expectations for its recent financial year.
London-based AMTE Power is a developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets.
The company's placing in March raised gross proceeds for the company of GBP12.9 million. This gave AMTE Power a financially strong platform from which to complete the first phases of product development and support the ongoing establishment of its gigafactory.
For the year ended June 30, AMTE expects revenue and total reported posttax loss to be in line with market expectations. As a result of the additional funds raised at IPO the company has accelerated investment in its people and the preparatory work around the gigafactory, resulting in an increase in operating costs.
AMTE secured GBP3.8 million in project income during the financial year, of which 29% has been recognised in the year just completed. This income is made up of both UK and European grants and commercial development income following on from strong customer engagement. A further GBP1.0 million of potential commercial income is contingent on certain projects achieving their milestones.
In June, AMTE had been selected as the lead in a new government funded three-year project called ULTRA focused on bringing two AMTE Power lithium-ion batteries to automotive readiness alongside key industry brands.
"Our focus remains on the development of multiple cells for a variety of specialist markets, not just automotive, all with sufficient scale to make them highly commercially attractive to us. We are on track with our development plans as set out at the time of our IPO in March and we look forward to announcing further updates on our progress," said Chief Executive Kevin Brundish.
Shares in AMTE Power were down 3.4% at 201.98 pence each in London on Friday afternoon.
By Amrit Sahota; newsroom@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.