Battery manufacturer AMTE Power has secured a £1 million lifeline while talks continue with a potential new equity investor to provide further funding.
The company, which has a plant in Thurso and wants to build a gigafactory in Dundee, announced last Thursday that it was running out of money and could appoint administrators if it did not find new funds.
The loan facility has been provided by Arena Investors in order to provide sufficient time for the company and its new potential investor to complete a proposed 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.