Highland Battery Manufacturer AMTE Power Faces Administration, Threatening 40 Jobs
The future of about 40 employees at AMTE Power, a Highland-based company specializing in manufacturing specialist batteries, hangs in the balance as the firm announces its move into administration due to severe financial constraints. The company, located in Thurso, has been a significant contributor to the decarbonization of travel and freight, producing lithium-ion batteries used in high-performance cars and heavy goods vehicles.
AMTE Power, once at the forefront of expanding its operations with plans for a substantial new factory in Dundee, has encountered financial hurdles that have stymied its growth. The proposed Dundee gigafactory, estimated at £190 million, promised to create 215 local jobs and support an additional 800 in the supply chain. Despite these ambitious objectives, the company has struggled to raise the necessary capital for continued operation. A statement from the board highlighted the absence of viable financial alternatives in the necessary timeframe, leading to the unfortunate conclusion of insufficient funds to sustain its trading activities.
Specialist business advisory firm FRP has been appointed as the intended administrator in a bid to salvage the situation. FRP Director Richard Bloomfield has recognized AMTE Power as a "leading player in the UK’s battery cell manufacturing capabilities," emphasizing its crucial role in supporting the UK's clean energy transition. Bloomfield expressed optimism about finding a buyer, stating, "We expect interest from trade and institutional investors as we work diligently to secure a future for the business.”
This development is a significant blow to Scotland’s aspirations to become a key hub for battery manufacturing. Earlier this year, AMTE Power had initiated a funding drive, appealing to shareholders and potential new backers for financial support to avert looming fiscal challenges. The company's specialized expertise in lithium-ion batteries for high-performance vehicles is seen as pivotal in the clean energy sector.
FRP has launched an "accelerated mergers and acquisitions process" in a concerted effort to find a buyer and rescue the company from its predicament. The fate of the proposed Dundee factory and the potential job opportunities it represented now remains uncertain as stakeholders and the community await further developments.
AMTE Power has been approached for additional comments on the situation.
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