AMTE Power, one of the only companies in the UK making lithium battery fuel cells, needs to raise more cash and will do so within the next four weeks.
AMTE Power shares were down 65% at the time of writing.
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Today’s call for more cash follows other fundraisings earlier this year. AMTE Power agreed to a £580,000 loan from Highlands and Islands Enterprise in March.
AMTE Power has a £4 million convertible loan note facility with Arena Investors with £3,750,000 outstanding for conversion. Arena last converted £25,000 in April.
AMTE Power burnt through £3,363,332 in operating cash flow in the six months to 31st December 2022.