Battery manufacturer AMTE Power has raised new funds as talks with a potential equity investor are expected to complete in the coming weeks.
The company, which has a plant in Thurso and is hoping to build a large factory in Dundee, has raised £2.1 million before expenses in a placing of shares priced at 1.7 pence per share.
It is proposing to raise up to a further £0.25m (before expenses) through a retail offer to existing shareholders. The Placing will be used to provide further time for the company and a potential new equity investor to inject an initial equity investment of £2.5m.
AMTE Power plc (LON:AMTE) is a recognised brand in the production of high-quality lithium-ion batteries across a range of markets including automotive, aerospace, defence, oil & gas and energy storage. They have been been producing cells for over 30 years at their factory in Scotland, which can trace its roots back to the birth of lithium-ion battery cell technology, first patented in the UK.