A MAJOR Scottish battery factory could be saved after administrators said “several parties” are interested in buying the company.
AMTE Power, which has its manufacturing plant in Thurso, went bust in December with 40 jobs at risk and in an apparent blow to the UK’s net zero industry.
Directors filed a notice of intention to appoint administrators, with FRP advisory launching a process to find a buyer.
Now, administrators have told The National that they are looking to sell – potentially saving the firm – after receiving an “encouraging response” from “several interested parties” that recognises the “considerable potential of AMTE”.
READ MORE: Scottish firm goes bust with all 29 staff to lose jobs
AMTE had a long history in developing lithium cells, and recently tested cells that can be charged fully in six minutes, which would be a breakthrough for charging technology.
The company’s board has now filed a second notice to appoint administrators – protecting AMTE from creditor action for a further ten business days (until and including January 19) – with the intention of concluding a sale.
The company had planned a 0.5GWh half-gigafactory in Dundee to make batteries for potential clients including BMW and Cosworth.
The plans for the £190 million megafactory, which bosses said would create 215 jobs on the site and 800 more in the supply chain, were subsequently scrapped.
READ MORE: AMTE Power consider moving Dundee megafactory to America
AMTE warned earlier this year of its substantial financial troubles and needed urgent help from existing shareholders or a new backer to continue trading.
In December, the firm then said in a stock market notice that it had “insufficient funds to continue trading”.
Administrators are confident of a sale that could save the company – although the number of employees set to lose their jobs is still unclear.
Richard Bloomfield, director at FRP, said: “The accelerated M&A process is gathering pace and we’ve had an encouraging response that recognises the considerable potential of AMTE Power. There is credible interest from several interested parties which has supported the case to extend the notice period as we look for a viable solution to take the business forward.”
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