AMTE Power signs Cosworth deal

Lithium-ion battery cell technology developer AMTE Power (LON: AMTE) has secured a partnership with Cosworth for its Ultra High Power (UHP) rechargeable pouch battery cells.

This follows the announcement that AMTE Power has chosen a site in Dundee for a new 0.5GWh battery production facility. This could open in the third quarter of 2025. At full capacity, the facility could generate annual revenues of more than £200m.

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UHP cells have consistent energy delivery at a very high rate. There are rapid charging and discharging times that are suitable for the automotive, aerospace and marine sectors.

Cosworth is a global technology business that used to be famous for making Formula One engines. It can design, develop and manufacture engines. Cosworth recently acquired electrification business Delta and this deal will add to the expertise.

AMTE Power has previously announced a memorandum of understanding with MAHLE Powertrain, which has a facility in Northampton. The partnership will help MAHLE to develop powertrain technology. There is also a deal with Viritech to help in developing hydrogen fuel cell electric vehicles.  

AMTE Power raised £12.95m at 175p a share when it joined AIM in March 2021. Following the latest news, the share price rose 10.9% to 81.5p. It was 65p prior to the Dundee factory announcement.

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