The lithium-ion battery cell developer and manufacturer, AMTE Power (AMTE ), has been admitted to the London Stock Exchange's Alternative Investment Market (AIM), with the company raising around £13.7m, that’s nearly twice the £7m that it had originally set out to raise.
Based on the placing price, which was executed via an oversubscribed placing at 175p a share, the market capitalisation of the company will be around £61m on admission to AIM.
The placing raised gross proceeds of c.£12.9m for AMTE and c.£0.74m for shareholders. The Group’s senior management will own c.17% of the issued ordinary shares on admission.
AMTE said it intends to utilise the proceeds to finance its working capital requirements before income generation from the commercialisation of its battery cell portfolio.
The Group was co-founded in 2013 by Kevin Brundish as well as with former colleagues from QinetiQ, with the objective of developing a portfolio of highly differentiated, lithium-ion and lithium-ion derivative battery cells to meet the needs of specialist customers.
AMTE has been working in collaboration with ‘a significant number of industrial businesses’, including nine UK-based leading automotive manufacturers and component suppliers.
It has three battery cells in development, with one of these expected to enter production in each of the next three years, as well as ‘a pipeline of technologies for future development.’
Its Ultra High-Power product, which delivers power at a very high rate (>35C) to high-performance hybrid vehicles, and its energy cell cylinder product, Ultra Energy, are both expected to be released to the market 4Q21, respectively, with prototypes available now.
AMTE’s UltraSafe product, which is a rechargeable pouch format battery cell based chemically on sodium that will be usable in both microgrids and larger systems, will be released in 3Q22, while its non-rechargeable cell, UltraPrime, is due for release in 4Q23.
"The high demand has enabled us to raise additional funds which will further enhance the commercial prospects of our portfolio of battery cells,” said CEO of AMTE, Kevin Brundish.
He highlighted to investors that “the switch to electrification is clearly happening and not just in the automotive sector but across multiple markets.” “These are trends we anticipated happening 8 years ago when we created AMTE and today's listing has significantly strengthened our ability to make the most of this switch to battery power,” he added.
Currently, AMTE has a purpose-built cell manufacturing facility in Thurso in Scotland which claims to have the second largest cell manufacturing capacity in the UK. The Company outlined that it has further plans to build a new 2-GWh factory in the UK next year.
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