The head of one of Britain’s few surviving homegrown battery manufacturers has threatened to build its planned new factory overseas unless the UK closes the gap with subsidies offered by the EU and US.
Alan Hollis, chief executive of AMTE Power, said the government must offer more financial support to become competitive as the UK lags behind in the global clean energy subsidy race.
The EU has offered hundreds of billions of euros in response to the US administration providing $370bn of incentives through the Inflation Reduction Act.
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.