Home Estate Planning Dutch battery firm Lionvolt saves London-listed AMTE Power from collapse

Dutch battery firm Lionvolt saves London-listed AMTE Power from collapse

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AMTE Power’s business and assets have been sold out of administration to Dutch battery technology firm LionVolt.

The sale ends a process for the beleaguered battery cell manufacturer, the only of its kind founded in Britain, that have run since June last year when the notified investors that it was struggling to raise additional finance to support its development.

The company even made pleas to the government to come through with a rescue package but to no avail.

AMTE Power specialises in lithium-ion and sodium-ion cells used in high performance electric vehicle batteries and long-duration energy storage.

Business advisory firm FRP Advisory were appointed in January after firm told investors a month prior that administration looked unavoidable and news of a potential acquisition began filtering through towards the middle of last month.

Lionvolt takes ownership of the battery cell manufacturing and production businesses based in Thurso, Scotland, and saves around 20 jobs but the remaining 15 staff in the company’s English operations have been made redundant.

Prior to its fall from grace, the company had drawn up plans to build a gigafactory in Dundee.

The company noted that its ordinary shares currently remain suspended from trading on FTSE’s AIM following the departure of its nominated adviser, WH Ireland in Janury.

If it fails to appoint a replacement nominated adviser within one month of WH Ireland’s resignation, the admission of the ordinary shares to trading on AIM will be cancelled, it added.

Lionvolt and AMTE Power representatives have been approached for comment.

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