AMTE.L Regulatory News (AMTE)

18 August 2021

AMTE POWER PLC

To partner BMW and BP in a UK Government backed project to develop ultra-fast charging systems for electric vehicles

AMTE Power plc ("AMTE Power" or the "Company"), a developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets, is pleased to announce that the Company is shortly expected to be confirmed as a partner in a new UK Government funded project called CELERITAS to develop ultra-fast charging systems for electric and fuel cell vehicles (this announcement is aligned to a press release being distributed today by another partner involved in the project).

Extracts from the press release are set out below:

"Sprint Power, a leading British technology company specialising in low carbon tech, including electrified propulsion systems, power electronics and battery systems, is leading on a new £9.7 million UK government-backed project aimed at developing ultra-fast charging cells and battery packs for battery electric vehicles (BEVs) and fuel cell hybrid electric vehicles (FCHEVs). These products will aim to address existing consumer concerns relating to the charging speeds of today's electric vehicles." 

"Funding for Project CELERITAS is being jointly delivered by the UK's Advanced Propulsion Centre (APCUK), as well as each consortium member."

"In addition to Sprint Power, the consortium includes BMW, bp, AMTE Power, Clas-SiC and Eltrium."

"Targeting BMW's future battery specifications and requirements, the battery platform will bring together innovations from each partner, including rapid charging cell technology being developed by AMTE Power".

"While the current best-in-class charging systems take approximately 22 minutes for a 10%-80% charge for a 280-mile range, Sprint Power is aiming for its BEV platform to deliver an 80% charge in just twelve minutes. The ability for consumers to charge their cars in such a short time is seen as key to improving the BEV ownership experience and encouraging more consumers to make the switch."

This announcement follows on from AMTE Power's announcement on 24 June 2021 that it had been selected as the lead supplier in a separate three-year project called ULTRA which was also part funded by APC.

Kevin Brundish, Chief Executive Officer of AMTE Power, said:

"We are looking forward to being confirmed as a partner in this project and to collaborating closely alongside these market leading companies in our sector. AMTE is focussed on bringing high power cells to the market which are different and complementary to traditional energy cells, and provide an opportunity to optimise fast charging, fast discharge (acceleration) and ultimately vehicle range. This is a prestigious project to be involved with and would contribute to ensuring we meet our targets for grant income."

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information contact:

ABOUT AMTE POWER PLC

AMTE Power was founded in 2013 and is a leading developer and manufacturer of lithium-ion battery cells for specialist markets. In March 2021, the Company listed on the AIM market of the London Stock Exchange. The Company is focused on launching a series of next generation battery cells based on new chemistries and cell structures that are designed to solve key problems in power delivery, energy performance, and safety. These new products are targeted at a range of specialist markets including the automotive industry, oil and gas market and energy storage sector. AMTE's purpose-built cell manufacturing facility in Thurso, Scotland has the second largest cell manufacturing capacity in the UK and the Company also has a product development team based in Oxford. For further information visit the Company's website: www.amtepower.com