Talks underway with potential buyer for AMTE Power

Talks underway with potential buyer for AMTE Power

3D visualisation of AMTE Power's proposed Dundee megafactory

AMTE Power, the electric vehicle battery maker with a plant in Thurso and ambitious plans for a megafactory in Dundee, is currently engaged in talks with a potential buyer in a bid to rescue the company from its financial woes.

The accelerated sale process, initiated on 19 December and spearheaded by FRP Advisory, has attracted interest in the business and assets, with a potential deal expected to be finalised in the coming days.

The company’s board has filed a second notice of intention to appoint an administrator, providing a 10-business day protection period until 19 January to explore emerging interest and conclude a transaction. Trading in AMTE Power’s shares on the Alternative Investment Market remains suspended during this period.

If negotiations fail and an administrator is appointed, WH Ireland, the nominated adviser, will resign. Failure to appoint a replacement within a month of WH Ireland’s resignation will result in the cancellation of shares.

FRP director Richard Bloomfield expressed optimism. He stated: “The accelerated M&A process is gathering pace and we’ve had an encouraging response that recognises the considerable potential of AMTE Power.

“There is credible interest from several interested parties which has supported the case to extend the notice period as we look for a viable solution to take the business forward.”

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