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UK battery cell maker faces collapse due to funding shortfall

Posted at July 21, 2023 » By : » Categories : News » Comments Off on UK battery cell maker faces collapse due to funding shortfall

AMTE Power, the only homegrown battery cell maker in Britain, is facing a severe financial crisis that has raised concerns within the country’s battery industry.

With imminent collapse looming, the company urgently requires a fresh infusion of funds to stay afloat.

The crisis stems from AMTE Power‘s struggle to secure sufficient financing.

The company specialises in manufacturing lithium-ion and sodium-ion cells, which are essential components used in high-performance electric vehicle batteries and long-duration energy storage.

AMTE Power said: “The company continues to be in discussions with existing and potential investors concerning raising further finance. However, given the further passage of time since the most recent announcement on 29th June 2023, the company’s financial situation is becoming ever more critical.”

The battery cell manufacturer is now requiring a viable solution within the next few business days.

In recent news, Jaguar Land Rover revealed its plans to establish a significant battery factory in Somerset, backed by a substantial funding package from the UK government.

Energy Live News reached out to AMTE Power for comments, but the company has chosen not to provide any further statements at this time.

Article source: https://www.energylivenews.com/2023/07/21/uk-battery-cell-maker-faces-collapse-due-to-funding-shortfall/

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