Blow To Jobs In Thurso As AMTE Power Plc Goes Into Administration
21st December 2023
Shares in AMTE Power based in Thurso were suspended on the Stock Exchange on 19 December 2023.
AMTE Power, a high-performance battery developer, has called in administrators in a fresh blow to Britain's net zero industry. A lack of orders and inability to raise more finance has hampered growth and recently announced plans for expansion to Dundee will not now happen.
Stock Market Profile From FT
Share price dropped -98.39% as at 19 December 2023
AMTE Power PLC announced on Tuesday that it intends to appoint administrators after failing to raise funds to continue trading.
The lithium-ion and sodium-ion batter cell manufacturer entered into a subscription, placing and convertible loan agreement with Pinnacle International Venture Capital Ltd in November in order to raise GBP2.5 million.
AMTE has been informed that Pinnacle has extended the long stop date for completion of the subscription agreement to January 12, and has declined to advance funds under the convertible loan facility.
As a result, AMTE said it has no other means of securing finance and therefore will have insufficient funds to continue trading.
AMTE requested a suspension of trading on AIM on Tuesday, pending clarification of its financial position.
The company said it would be appointing FRP Advisory Group PLC as administrator, who will "manage an accelerated sale process to seek potential buyers of the business and assets of the company."
WH Ireland Ltd will resign as nominated adviser to the company upon the appointment of FRP. Should AMTE fail to appoint a replacement nominated adviser within one month of the suspension of shares from AIM, the admission of the shares to trading on AIM will be cancelled.
Shares in AMTE Power were down 9.5% at 0.86 pence each in London on Tuesday afternoon.
In April 2023 the company agreed an unsecured £580,000 loan from Highlands and Islands Enterprise which will now potentially not be repaid.
List of Directors
Accounts to 31 December 2022
Report and Accounts to 31 December 2021
Related Businesses
Related Articles
28/11/2025
Workforce North event spotlights Highland economy
EMPLOYERS and educators from across the Highlands have gathered to hear how a new initiative is aiming to transform the region's economy. Workforce North - A Call to Action brought together business leaders and teachers from primary and secondary schools from across the Highland Council area with a wide range of partners geared towards education, learning and skills development at Strathpeffer Pavillion.
25/11/2025
Tartan challenge for UHI students offers £1,500 prize
Students from across the University of the Highlands and Islands (UHI) partnership have been challenged to design a tartan and be in with a chance of winning a £1,500 cash prize. Highlands and Islands Enterprise (HIE) has launched THE COMPETITION to mark 60 years since the regional development agency (then named Highlands and Islands Development Board) was established in November 1965.
25/11/2025
The Rural AI Roadshow - How AI can help your rural business thrive
Scotland's enterprise agencies (Scottish Enterprise, Highlands and Islands Enterprise, South of Scotland Enterprise) The Scottish AI Alliance and The Data Lab have joined forces to plan and deliver an inspiring and educational Rural AI Roadshow. There will be three, one day, Rural AI Roadshow conferences taking place across Scotland in January 2026.
25/11/2025
Digital and AI innovation round-up for November
Scotland's digital future is accelerating, with AI and tech innovation transforming businesses. In this blog, HIE's Theresa Swayne shares November insights on funding, leadership, and how organisations can harness technology to stay ahead.
25/11/2025
Reflections from SEWF Rural: global lessons for the Highlands and Islands social impact economy
As we mark 60 years since the region's economic and community development agency was established, it's timely to reflect on the global aspects of our work on shaping rural futures. The recent Social Enterprise World Forum (SEWF) Rural Gathering in Sabah, Malaysia, welcomed changemakers from Australia, Ireland, India, Canada.
19/11/2025
Scottish Entrepreneurial Ecosystem Guide - FREE To Download
Scottish Enterprise's Entrepreneurial Ecosystem Guide provides an overview of more than 150 organisations that support new and growing companies in Scotland. The guide includes incubators, accelerators, specialist industry programmes, co-working spaces and networking organisations.
18/11/2025
Funding approved for Wick Harbour port consultant
A specialist ports consultant has been appointed to develop a long-term strategic plan for Wick Harbour Authority (WHA) in Caithness. WHA has secured £47,775 from Highlands and Islands Enterprise (HIE) and the Nuclear Restoration Services, NRS Dounreay towards the cost of the services.
16/11/2025
Enterprise and innovation agencies join forces in new framework
Scotland's three enterprise agencies have joined the UK's national innovation agency to agree a collaboration framework that aims to help Scotland become one of the most innovative small nations in the world. The Innovation Collaboration Framework for Scotland brings together Highlands and Islands Enterprise, Scottish Enterprise, South of Scotland Enterprise and Innovate UK with a commitment to support ambitious businesses to invest in research to drive economic growth, create good jobs and help tackle major societal and environmental challenges.
8/11/2025
£3.4m HIE investment in Arnish Road, Stornoway
The project, led by the Stornoway Port Authority, will involve upgrading the full length of the 3.3km Arnish Moor Road. Highlands and Islands Enterprise (HIE) has approved a £3.4m contribution to a £7.2m public funding package for a major project to transform road access to strategic industrial and port sites on the Isle of Lewis.
4/11/2025
As HIE reaches 60, new chair says best is yet to come
The newly appointed chair of Highlands and Islands Enterprise (HIE) says the region is on the threshold of a new era of economic growth. Angus Campbell's term as chair began officially on 1 November - 60 years to the day since HIE's forerunner, the Highlands and Islands Development Board (HIDB) opened for business with just six employees.
Our Social Media
