AMTE Power, the last homegrown battery producer in the UK, is said to be considering moving the site of its new battery gigafactory, proposed to be built in Dundee, to the US.
In 2022, the US government announced a series of green production subsidies as part the Inflation Reduction Act (IRA). The act offers tax credits of around $40bn for companies investing in and producing green power solutions in the country.
UK chancellor Jeremy Hunt has said that the UK will not implement competitive subsidies for fear of a trade war. Hunt instead said the UK will favour a “pro-growth regulatory regime,” as opposed becoming embroiled in competition with its rivals.
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.