London Stock Exchange today welcomes AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, following its successful IPO on AIM.

The Company successfully raised £13 million through a placing, giving it a market capitalisation on Admission of £61 million. The Company will use the proceeds of the placing to finance its working capital requirements, prior to income generation from the commercialisation of its battery cell portfolio. It will trade under the ticker “AMTE”.

AMTE Power was founded in 2013 with the objective of developing a portfolio of highly differentiated, lithium-ion and lithium-ion derivative battery cells to meet the needs of specialist customers such as manufacturers of high-performance vehicles and specialist equipment. Currently, the Company is developing three highly differentiated battery cells, with one expected to enter production in each of the next three years, and a pipeline of technologies for future development.

The Directors believe the Company is well placed to achieve its objectives as one of only five UK commercial battery cell manufacturers with its purpose-built cell manufacturing facility at Thurso, Scotland and, in 2022, intends to commit to building a new UK manufacturing facility with a capacity of approximately 2GWh per annum.

Kevin Brundish, CEO of AMTE Power said: “Joining London Stock Exchange is a significant landmark for our business so naturally we are all delighted. Eight years ago we set out to be a leading UK developer and manufacturer of battery cells and we believe the listing will be key to enabling us to achieving this.

“We have not got here alone and I would like to thank all of our people and advisers, who have been instrumental in getting us to where we are today. I would also like to take this opportunity to welcome our new shareholders to the register. We very much look forward to life as a public company and to see our business continue its growth journey.”

Advisers to the IPO include:

- WH Ireland, NOMAD and joint broker

- SI Capital, Joint broker

- Osborne Clarke, Company legal counsel

- Taylor Vinters, WH Ireland legal counsel

- Saffey, Reporting accountant

- Novella Communications, Financial Public Relations Adviser