UK battery manufacturer to fold after £2.5m deal collapse

A notice of move from administration to dissolution has been made for AMTE Power earlier this year, meaning it may soon cease to exist as a legal entity.

The battery manufacturer was founded in the early 2010s and between November 2023 and January 2024 its registered office address was Milton Park in Abingdon, Oxfordshire.

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AMTE Power had focused on lithium-ion and sodium-ion cells used in high performance electric vehicle batteries and long-duration energy storage.

In June 2023, the business announced that it was struggling to raise funds to support its development, putting its 200-job Dundee factory plans at risk.

An artist’s impression of the proposed AMTE Power megafactory (Image: AMTE Power)

According to City AM, the company made pleas to the government for a rescue but received no support.

However, in late 2023, it struck a £2.5 million investment deal with private equity firm Pinnacle, which subsequently collapsed, after which business advisory firm FRP Advisory was appointed as administrators.

They sold the business out of administration to Dutch battery technology firm LionVolt, who took over the battery cell manufacturing and production businesses in Scotland, saving around 20 jobs.

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The gigafactory in Dundee, that would have created 200 jobs, has since stalled.

Now, it seems the intellectual property including AMTE Power’s trademarks, domain name and patents are to be dissolved as the company is set to fully fold.

In a statement in January, the administrators said: “Despite our efforts, no proceedable offers were realised for the above and these assets were not realisable.”