Battery plant plans 'uncertain' as company seeks urgent cash

AMTE Power warned a funding shortfall meant proposals for the 200-job 'gigafactory' could now be in jeopardy.

Dundee battery ‘gigafactory’ plans ‘uncertain’ as company behind plant seeks urgent cash AMTE Power

A firm behind a project to build a major new battery manufacturing plant in Dundee has issued an urgent funding drive.

AMTE Power promised the facility on the site of the former Michelin tyre plant would provide the city with 200 jobs, but has now warned investors its future may be “uncertain” unless it is able to raise cash within the next four weeks.

The company – which is currently based in Thurso – previously said proposals for the factory would cost between £160m and £190m, though its chief executive, Alan Hollis, did not say how much was needed to continue with the project.

Instead the firm, which develops batteries for high-performance vehicles and large-scale storage, will seek to build on a £580,000 loan from Highlands and Islands Enterprise granted earlier this year.

Mr Hollis said: “AMTE Power is the UK’s only remaining homegrown commercial battery cell maker.

“We have established ourselves as a leading player in the sector, with differentiated lithium and sodium-ion technology on the cusp of commercialisation as indicated by our updates to the stock market in recent months.

“We are active in our engagement with stakeholders to raise funding and to communicate the importance of developing a homegrown battery manufacturing industry to enable a just transition to net zero, support the UK’s energy security and unlock green industrial growth.”

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