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Administrators appointed at AMTE Power as 'advanced discussions' take place





AMTE Power's factory in Thurso.
AMTE Power's factory in Thurso.

Administrators have been appointed at Thurso-based battery manufacturer AMTE Power, with "advanced discussions" in progress with a third party over a possible sale of the business.

Richard Bloomfield, Ian Corfield and Michelle Elliott of specialist advisory firm FRP were announced as joint administrators of AMTE Power on Friday.

FRP said in a statement: "AMTE Power has faced significant financial challenges in recent months and has since worked with its advisers to run an accelerated M&A [mergers and acquisitions] process to secure the future of AMTE Power.

"The joint administrators are in advanced discussions with a party regarding a transaction that could enable the transfer of staff and sale of the business."

Mr Bloomfield, director at FRP and one of the joint administrators, said: “We remain in positive discussions with an interested party and are working hard to conclude a deal that can transfer jobs, provide continuity for the business, and support our statutory duties to creditors.”

Michelle Elliott, partner at FRP and another of the joint administrators, said: “The administration provides the necessary platform as we look to secure a viable transaction to protect the business. AMTE Power is operational and trading, and all staff remain employed.”

Earlier this month it emerged that "credible interest" in the business had been shown by "several interested parties".

In December a notice of intention was filed to appoint administrators at the firm, leading to concerns over approximately 35 skilled jobs at the site.

AMTE Power was founded in 2013 and is a leading UK developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets.

After the initial announcement last month, Trudy Morris, chief executive of Caithness Chamber of Commerce, said: "A significant local employer and remarkable business, AMTE plays a crucial role in the development of battery technologies which are fundamental to the nation’s race to reach its decarbonisation goals.

"[In 2023] AMTE became the first European business to receive UN38.3 transportation testing certification for a sodium-ion cell, manufactured here in Caithness.

"We sincerely hope a deal can be made to save these skilled jobs and retain the purpose-built production headquarters in Thurso.”

Last July it was announced that AMTE Power had secured a £1 million bridging loan.

Earlier that month, in a statement to the Stock Exchange, the company said it continued to be "in discussions with existing and potential investors concerning raising further finance” but stressed that its position was becoming critical.

The purpose-built facility in Thurso has the second-largest cell manufacturing capacity in the UK.

A proposed AMTE factory in Dundee was expected to be capable of producing over eight million battery cells a year, and create more than 200 jobs.


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