Battery maker Amte Power is trying to raise cash and said it must do so within a month to secure operations.
The Thurso, Scotland, company issued a statement to the London Stock Exchange’s Alternative Investment Market on Thursday in which it said it has been in ongoing discussions with potential investors about raising further finance.
“The Company needs to conclude some form of fundraising within no less than the next four weeks. Whilst active discussions are ongoing, there can be no certainty of the outcome of these discussions,” it said.
On 1 December 2022, it said it would need to raise additional capital by April 2023 to meet its then current operating costs. In March it announced it had drawn down a new £580,000 ($734,000) loan facility and then in April 2023 £1 million ($1.27 million) under its convertible loan facility.
“Accordingly, in light of the Company’s reducing cash position, should the Company be unable to secure additional funding, the prospects for recovery of value, if any, by shareholders would be uncertain,” it said.
The company was founded in 2013 and has developed a range of lithium and sodium ion battery cells. It claims the second largest cell manufacturing capacity in the UK and has a product development team based in Oxford, England.
Amte is planning a gigafactory in Dundee, Scotland. It expects it to be capable of producing over eight million battery cells per annum.