- Electric Battery Manufacturer Denied Government Financial Aid
- AMTE Power Faces Imminent Bankruptcy and Lack of Support
- Contrasting Government Support for AMTE Power and Other Automakers
The AIM-listed manufacturer of electric car batteries, which confronts imminent bankruptcy, was unable to secure emergency funding assistance from taxpayers.
The government has denied financial aid to a London-listed electric battery business near bankruptcy.
AMTE Power’s efforts to engage Whitehall in substantive discussions regarding emergency funding have stagnated.
Alan Hollis, the chief executive officer of AMTE, was reportedly frustrated by the absence of engagement from government officials as the company’s financial situation deteriorated.
Due to finance issues, AMTE Power’s Dundee gigafactory ambitions have reduced in value.
AMTE insiders contrasted the government’s “apparent indifference” with Tata Motors’ Jaguar Land Rover unit’s £500 million support package.
Thursday, the AIM-listed company warned that its position had become “ever more precarious.”
It is believed that FRP Advisory has been placed on standby to function as administrators.
A spokesperson for AMTE declined to comment on its engagement initiatives with government officials.
A spokesperson for the Department of Business and Trade stated, “This government is committed to ensuring the future of the automobile industry in the United Kingdom, and we are working diligently to unlock private investment through the automotive transformation fund.”
Tata’s recent announcement that they will invest over £4bn to build a new gigafactory in the UK, the £1bn electric vehicle hub in Sunderland in partnership with Nissan and Envision, Ford’s investment of £380m in the production of electric drive units at Halewood, and Johnson Matthey’s £60m investment in Hertfordshire to develop hydrogen technologies are examples of vital investments that our funding has helped secure.
