Scottish battery maker Amte Power said it is considering “all credible options”, including a sale of the company, as it works to raise cash to secure its operations.
In an update to the London Stock Exchange’s Alternative Investment Market on Wednesday, it said it remains in ongoing discussions with potential investors about raising further finance, as per the statement it made on 15 June and reported by BEST.
But as time has moved on, it is now “considering all credible options, including a sale of the Company’s business, in relation to which FRP Corporate Finance is advising, in order to act in the best interest of all stakeholders in the Company,” it said. It is not actively pursuing a sale of the company. Amte makes lithium-ion and sodium batteries.
There can be no certainty of the outcome of these discussions, it added. “Accordingly, in light of Amte Power’s reducing cash position, should the Company be unable to secure additional funding within no less than the next three weeks, the prospects for recovery of value, if any, by shareholders would be uncertain,” it said.
Separately, Amte Power said on Thursday it had discovered a minor manufacturing defect in its Ultra High Power cells and their UN certification has been halted. The root cause of the defect has been identified, and cells from the next production batch will now be used to certify the product in the third quarter of 2023.
In May, it claimed it would be the first European business to receive UN38.3 transportation testing certification for a sodium-ion cell.
30.6.23. This article was updated with a report on the manufacturing defect delaying UN certification.
