Thurso battery firm secures £580k loan to support work
A pioneering battery manufacturer has secured a £580,000 loan to support its operations in Thurso.
The company is stepping up its production of lithium-ion and sodium-ion battery cells as it looks to take advantage of specialist markets for its products.
AMTE Power is the leading UK developer and manufacturer of the cells, which will be used for a number of purposes including in electric vehicles.
The unsecured loan, from Highlands and Islands Enterprise, will be used for general working capital purposes to support the group's operations in Thurso, the company said.
It remains in discussions with HIE regarding the possibility of future loans to be used for similar purposes.
Alan Hollis, CEO of AMTE Power, said: "We are delighted to receive this support from Highlands and Islands Enterprise, the leading government agency in our region, which demonstrates our future contribution to the local community.”
The loan, which is repayable after three years and incurs interest after an initial 12-month interest free period, at 6.5 per cent.
Eann Sinclair, Caithness and Sutherland area manager at HIE, said: "AMTE is a key employer in Caithness, and we are delighted to support the company as it transitions from its research and development work into manufacturing."
