AMTE Power has received planning permission to expand its production plant in Thurso, increasing the pace of battery construction.
Its half-year financials showed revenue of £810,000 – up 31% from 620,000 in the same period a year earlier – although pre-tax losses reached £2.65m £, down from £1.46m the previous year.
The improved balance sheet strength of £6.26 million in cash or cash equivalents – from just £22,000 – should support the company’s investment phase.
AMTE’s planned announcement of its Gigafactory site in 2022 should support a ramp-up in production, to meet growing demand driven by the global energy transition.
Three potential sites have been identified in the UK, with ongoing engagement with local authorities and design development. A final decision on site selection is expected in 2022, with commercial production in 2025.
“Due to product development refinement, scaling and increased operational capacity, we expect reduced revenue and a moderate impact on pre-tax loss over the next two years,” says the press release.
Development of the company’s battery cells continues apace, with the Ultra Energy (UE) cell and Ultra High Power (UHP) cell currently undergoing “extensive scale-up and test” at the UK Battery Industrialization Centre, where the UK government has invested £130m in a high-throughput cell production facility.
Trials using “gigagram-scale production” equipment have achieved their goals and AMTE is looking to “raise the bar even further”.
Development and commercial partnerships are “matured into active commercial discussions,” with named Development and Steering Committee partners including BMW, Arrival, QinetiQ and Faradion.
Also during the period, AMTE announced the launch of an Australian joint venture with InfraNomics. The company is set to license its Ultra Storage cell to joint venture Bardan Cells. The proposed plant has an initial target of 200,000 cells per year, with plans to expand to 2 GWh.
Negotiations with equipment suppliers are nearing completion, and site selection, equipment ordering and groundbreaking are all expected in 2022. Bardan’s work is expected to underpin construction of the Gigafactory in the UK. United. The joint venture also gives AMTE access to the more mature Australian renewable energy storage market.
AMTE Managing Director Kevin Brundish said, “One year after listing, we have used our proven cell manufacturing expertise to chart our clear path to full commercialization as the market leader in cell manufacturing. battery technology focusing on the huge global energy storage and high performance markets. automotive sectors.
“We have invested in continued development, increased cell production rates, developed business relationships and partnerships, and refined our plans over the past six months.
“AMTE is an exciting and commercially advanced company with the deep operational expertise and management savvy to deliver on its plans and looks forward to engaging with key stakeholders as we reach important milestones in the evolution of the company.
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