AMTE Power plc (“AMTE Power” or the “Company“), a developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets, is pleased to announce the Company has been selected as the lead supplier in a new Government funded 3-year project called ULTRA focused on bringing two AMTE Power lithium-ion batteries to automotive readiness.
The project will be part-funded by the UK Government’s Advanced Propulsion Centre (“APC”) with a grant of £5.0 million. The APC is a government funded body focused on supporting the UK automotive industry in the lead-up to the electrification of the market in 2030. The funding will be divided between AMTE Power and 3 other automotive supply chain companies with AMTE Power receiving £2.3 million.
Well-known, leading global automotive manufacturers will be closely involved in the project as Steering Partners providing close co-operation and guidance on technical and commercial requirements of AMTE’s Ultra Energy and Ultra High Power cells, with the key aim of the programme being to ensure they are ready for volume manufacture.
The three other automotive supply chain companies involved in the ULTRA project are Magtec, the UK’s leading designer and manufacturer of drive systems for electric and hybrid vehicles, which is participating with the aim of packaging and integrating the Ultra Energy cell to prove its performance in two of its commercial electric vehicles; Petalite, a leader in electric vehicle charging will provide essential fast charging equipment; and Avocet, the precision metal supplier will provide a UK copper foil supply chain.
As part of the project, the Ultra High Power cell will be sent to Steering Partners for external validation and adoption in their vehicle prototypes. Similarly, the Ultra Energy cell will be demonstrated working in Magtec’s two commercial Electric Vehicle prototypes.
Kevin Brundish, Chief Executive Officer of AMTE Power, said:
We are delighted to have been chosen to lead this project. The APC selects companies that they believe will be key players in the UK’s electric vehicle supply chain, and funds projects that will take products into this high-volume market. Working closely with leading automotive manufacturers and supply chain companies is an ideal position to be in as we work towards the volume production of our products. Importantly, this project will not affect the existing commercialisation plans for these cells, as set out at the time of our IPO, it will instead be complementary and focus on readiness to mass produce for our targeted automotive client base.