Battery maker AMTE Power set to list on AIM

Lithium-ion battery manufacturer AMTE Power will seek a listing on London's AIM market to raise £7m ahead of the start of commercial production.

The focus of the company, which was founded by Kevin Brundish, a former director at QinetiQ, was to fill the gap in the market for solutions geared towards the makers of high performance vehicles and equipment.

"Early on we chose to focus on the requirements of specialist customers whose power, performance and endurance needs are, we believe, outside the scope of the international manufacturers and also to not simply be a developer but have the manufacturing capability to deliver our products," said Brundish.

"The combination of which, we believe, differentiates AMTE and places us in a highly advantageous position."

AMTE had thus used its access to QinetiQ and Faradion Ltd. "strong" intellectual portfolio to develop batteries tailored specifically for those specialist customers.

It had also been working alongside nine UK-based leading carmakers and component suppliers.

Production of battery cells at a commercial scale was to begin in "due course" with its facility at Thurso, Scotland having the second-largest output capacity in the UK.

Admission of its shares to trading was expected in March.