AMTE Power, which has a factory in the north of Scotland, UK, was one of the early technology partners of BritishVolt but is now looking at building its own Gigafactory following an IPO in March that raised £12.0m.
The company had a turnover of £2.0m in 2021, up from £1.3m the previous year, with a loss of £3.0m.
“Production expansion plans for a UK Gigafactory (initially 2GWh increasing to 10GWh and beyond over time) have made substantial progress,” it said in its results this week. “The Group has engaged with local authorities for regions with preferred sites and national funding sources to secure government grants and developed detailed designs. The Group expects to confirm the site of its UK based Gigafactory and government funding support in 2022. Constructive collaboration and dialogue with a wide range of commercial partners are providing underlying confidence in the route to commercialisation for the Group's portfolio of battery products.”
All three of the Group's highly differentiated battery cells in development made good progress during the year and remain on track for one to be released in each of the next three years. In June AMTE Power was 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 brands. BMW and Arrival sit on the project steering group.
The active engagement mix has moved away from development towards commercial supply engagements, up over the six months to 30 June 2021 from 9 to 19 out of a total of 68 active engagements said the company.
Product releases will provide increasing visibility on scale and timing of prototype and product revenues.
"This has been a successful period for the business. While the IPO was a major focus and success for the Company, we have also made excellent progress towards commercialising our portfolio of battery products,” said Kevin Brundish, CEO of AMTE Power. “We are collaborating well with Government funded