Amte Power PLC (08490522): administration
- Status
- Administration ended
- Administration began
- 2024-01-19
- Administrators
- Michelle Marie Elliot, Ian James Corfield, Richard Bloomfield
- Administrators' firm
- FRP Advisory
- Formerly
- Amte Power Ltd.
- Incorporated
- 2013-04-16
- Location
- Stockton-on-Tees
- Industry
- 64202 Activities of production holding companies
Why it went into administration
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- Regulatory change or action
From the administrators' statement
The Company was incorporated in April 2013, known as AMTE Power Ltd (‘AMTE” or the “Company”). The Company was incorporated to specialise in producing batteries for electric vehicles and renewable energy storage.
The company has a manufacturing plant in Thurso, Scotland, which can trace its roots to the birth of lithium-ion battery cell technology, first patented in the UK and was one of the few entities making batteries in the UK.
In March 2021 AMTE launched a successful IPO on AIM. raising £13 million through a placing, giving it a market capitalisation on admission of £61 million. The Company used the proceeds of the placing to finance its working capital requirements prior to income generation from the commercialisation of its battery cell portfolio.
Administrators' statement of proposals (2024-02-05) · Companies House register