Battery cell manufacturer AMTE Power has secured a £1m bridging loan to facilitate a proposed equity raise.
The company has received the loan facility from Arena Investors LP to provide sufficient time for the business and a potential new equity investor to complete a proposed investment of £2.5m as part of its recapitalisation plan.
Last week, AMTE Power reported that it was at risk of entering administration within days if it was unable to secure additional funding.
Funds under the facility will be made available to the group in two equal tranches of £500,000.
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.