SMART battery developer AMTE Power has said it has made good progress in the latest year as the company develops plans for a mass manufacturing plant, which it may build in Dundee.
Caithness-based AMTE noted the batteries it is developing have generated strong interest among potential users in sectors such as automotive and oil and gas ahead of its planned move into commercial production while the company recently received a vote of confidence from the UK Government.
In June AMTE was selected as the lead in a new Government funded three-year project focused on bringing two of its lithium-ion batteries to automotive readiness. BMW sits on the project steering group.
AMTE noted yesterday: “Production expansion plans for a UK Gigafactory have made substantial progress. The Group has engaged with local authorities for regions with preferred sites and national funding sources to secure government grants and developed detailed designs.”
AMTE added that it expects to confirm the site of the Gigafactory and government funding support in 2022.
A spokesperson said the company is looking at various locations including Dundee, the north east of England and Wales. He said: “Sites need good access to local talent and sustainable energy sources amongst other things’
READ MORE: Thurso battery developer capitalises on electric vehicle boom
The company provided the update on progress in the announcement of its results for what it described as a “successful year establishing the pathway to volume production”.
It said: “As we move towards production the active engagement mix has moved away from development orientated engagements towards commercial supply engagements.”
The company expects to enjoy strong demand for its batteries amid the official drive to reduce fossil fuel use to help cut emissions.
Investors recently demonstrated belief in the company’s potential by supporting a £12.9 million fund-raising it completed. AMTE floated on the Aim stock market in March.
The company grew turnover to £2m in the year to June 30 from £1.3m in the preceding period helped by its success in winning grants from UK and European sources.
READ MORE: Scotland's £2bn National Investment Bank has yet to justify its existence
Operating losses increased to £3.8m from £1.9m. The company said the primary driver of this was an increase in headcount over the year, to 68 at from 55. It has 70 employees currently, including 45 in Scotland.
Shares in AMTE Power closed up 2p at 204p.
AMTE developed out of a venture formed between AEA Technology and two Japanese groups, which established a lithium-ion battery plant in Thurso in the late 1990s. AEA Technology was spun off from the Atomic Energy Authority. This operated the nearby Dounreay nuclear reactor, where power generation ended in 1994.
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