Scottish battery factory goes bust in fresh blow to UK’s net zero industry

by Paul Homewood at

AMTE Power, a high-performance battery developer, has called in administrators in a fresh blow to Britain’s net zero industry.

The company warned in the summer that it was in financial trouble and had days to find a new backer or help from existing shareholders.

An investor pulled the plug on fresh funding after plans to build a new plant in Dundee were scrapped.

AMTE said in a stock market notice: “The board has no other options to secure finance in the time available and has therefore concluded that the company has insufficient funds to continue trading.”

It said it appointed FRP Advisory as administrator to find a buyer and trading of its shares are suspended.