Highland Battery Manufacturer AMTE Power Faces Administration, Threatening 40 Jobs
Highland Battery Manufacturer AMTE Power Faces Administration, Threatening 40 Jobs
The future of about 40 employees at AMTE Power, a Highland-based company specializing in manufacturing specialist batteries, hangs in the balance as the firm announces its move into administration due to severe financial constraints. The company, located in Thurso, has been a significant contributor to the decarbonization of travel and freight, producing lithium-ion batteries used in high-performance cars and heavy goods vehicles.
AMTE Power, once at the forefront of expanding its operations with plans for a substantial new factory in Dundee, has encountered financial hurdles that have stymied its growth. The proposed Dundee gigafactory, estimated at £190 million, promised to create 215 local jobs and support an additional 800 in the supply chain. Despite these ambitious objectives, the company has struggled to raise the necessary capital for continued operation. A statement from the board highlighted the absence of viable financial alternatives in the necessary timeframe, leading to the unfortunate conclusion of insufficient funds to sustain its trading activities.
Specialist business advisory firm FRP has been appointed as the intended administrator in a bid to salvage the situation. FRP Director Richard Bloomfield has recognized AMTE Power as a "leading player in the UK’s battery cell manufacturing capabilities," emphasizing its crucial role in supporting the UK's clean energy transition. Bloomfield expressed optimism about finding a buyer, stating, "We expect interest from trade and institutional investors as we work diligently to secure a future for the business.”
This development is a significant blow to Scotland’s aspirations to become a key hub for battery manufacturing. Earlier this year, AMTE Power had initiated a funding drive, appealing to shareholders and potential new backers for financial support to avert looming fiscal challenges. The company's specialized expertise in lithium-ion batteries for high-performance vehicles is seen as pivotal in the clean energy sector.
FRP has launched an "accelerated mergers and acquisitions process" in a concerted effort to find a buyer and rescue the company from its predicament. The fate of the proposed Dundee factory and the potential job opportunities it represented now remains uncertain as stakeholders and the community await further developments.
AMTE Power has been approached for additional comments on the situation.
Notes to the editor
For further information please contact:
Sonia Mattis or Kevin Stewart at news@carsvansandbikes.com
Keep up-to-date with CarsVansandBikes.com on Twitter; @Carsvansbikes
or follow us on Linkedin: www.linkedin.com/company/carsvansandbikes
CarsVansandBikes.com: Revolutionizing Vehicle Advertising in the Digital Age
In the ever-evolving digital landscape, the quest for the perfect vehicle - be it a car, van, or motorbike - has been transformed by the emergence of CarsVansandBikes.com. Launched in 2021, this digital advertising website has rapidly become the go-to platform for motorists seeking new or pre-owned vehicles. Embodying the ethos As easy as CVB, the platform simplifies the search process, making it more accessible and user-friendly.
What sets CarsVansandBikes.com apart in the crowded online marketplace is its commitment to unbiased advertising. In a marked departure from industry norms, CVB eschews advertising or sponsored listings. This principled stance ensures that all vehicles are presented on CarsVansandBikes.com without any undue influence or bias, offering a refreshingly transparent experience for users. This approach starkly contrasts with other platforms where sponsored listings can often skew visibility and influence consumer choice.
The fair and transparent cataloging of advertising stock on CarsVansandBikes.com is another cornerstone of its service. By providing comprehensive details of each vehicle, beyond just listing prices, the platform empowers motorists to make well-informed decisions. This depth of information is crucial in an industry where the nuances of each vehicle can significantly impact buyer satisfaction.
A standout feature of CarsVansandBikes.com is its pricing model. When it first graced the online automotive advertising scene, CVB distinguished itself by not charging extra fees. In a bold move for 2024, the platform has further elevated its commitment to affordability. Now, neither motor dealers nor private motorists are required to pay to advertise their vehicles on the site. This initiative is a significant stride in democratizing vehicle advertising, allowing sellers of all scales to reach potential customers without financial barriers.
The platform's ethos of connecting sellers directly with potential buyers is a testament to its user-centric design. CarsVansandBikes.com goes beyond mere transactional interactions, fostering a community where detailed vehicle information is readily available. This approach not only aids in the selling process but also ensures that buyers are better equipped to make choices that align with their needs and expectations.
Operating under the trade name CarsVansandBikes.com, CarsVansandBikes Limited has positioned itself as a trailblazer in the automotive advertising industry. By offering its services completely free of charge, the platform breaks down traditional barriers, making vehicle advertising more accessible and equitable.
As CarsVansandBikes.com continues to grow and evolve, its impact on the automotive market is undeniable. With its user-friendly interface, commitment to unbiased advertising, and innovative approach to cost, CVB is not just a platform; it's a paradigm shift in how we find and advertise vehicles in the digital age.