Amte Power strikes 'milestone' deal with UKBIC
By Josh White
Date: Thursday 06 Oct 2022
(Sharecast News) - Amte Power has agreed a production contract with the UK Battery Industrialisation Centre (UKBIC), it announced on Thursday, for its ultra-high power cells.
The AIM-traded firm said the "milestone" framework contract would see the production of up to 60,000 ultra-high power cells per year for the high-power automotive and fuel cell electric vehicle markets.
It said the ultra-high power automotive cell demonstrated a "consistent" six-minute full charge time in "extensive" trials.
The contract with UKBIC would start in January, for expected sales to customers in sufficient scale to allow them to progress to in-vehicle trials.
Its board described the agreement as a "key milestone" to upscale production ahead of mass commercialisation plans, as Amte progressed towards its first 'megafactory' in Dundee, which would be underpinned by the "growing pipeline" of potential business with opportunities of about £240m across its product range.
"Having already secured significant early interest in our ultra-high power cell from major automotive partners, this contract will enable us to bring our products to market sooner while we progress our own megafactory," said chief executive officer Kevin Brundish.
"This new phase in our journey builds on the partnership that we've established with UKBIC through cell development.
"It is testament to the investment that the UK government has made in this market-leading battery manufacturing and scale-up facility that we are now able to put that development work into practice with the first production contract at UKBIC to get cells into customers' hands as we power the energy transition."
At 1222 BST, shares in Amte Power were up 12.31% at 73p.
Reporting by Josh White at Sharecast.com.
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