AMTE Power Plc (LON:AMTE), a leading developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets, announced on 17 October 2022 that it has signed non-binding heads of terms to enter into a proposed £5 million convertible bond facility with Arena Investors, LP. The bond is available for drawdown in three tranches. The company entered into Definitive Documents relating to the convertible bond facility following the passing of the Resolutions at the AGM held on 3 November. On 4 November, the Company issued a tranche 1 drawdown notice in respect of the first £3.0 million of the Facility.
DirectorsTalk caught up with Nick Spoliar, Research Director at WH Ireland Capital for his views. Nick noted:
“The funding will support AMTE in its key transition from pilot activities to industrial production. AMTE announced good progress in manufacturing trials for its high powered UHP battery cell at UKBIC, with strong performance as against target specifications on more scaled up (commercial scale equipment).”
In terms of AMTE’s future sales prospects, Nick added, “AMTE has numerous non-binding MOU’s which the company has previously announced that equate to a sales pipeline of £240m.”
AMTE Power’s share price is 69p and a Market Cap of £24.1m.
AMTE Power plc (LON:AMTE), is a recognised brand in the production of high-quality lithium-ion batteries across a range of markets including automotive, aerospace, defence, oil & gas and energy storage.
