Thurso company AMTE Power starts life as a London Stock Exchange-listed business today.
The developer and manufacturer of lithium-ion battery cells is joining the Alternative Investment Market (AIM) after an oversubscribed placing of nearly eight million new and existing ordinary shares.
About £13.7 million, before expenses, was raised for the company and the selling shareholders. Based on the placing price, the market capitalisation of the company will be about £61m on admission to the AIM.
AMTE Power chief executive Kevin Brundish said: “We are naturally delighted by the investor response from both new and existing shareholders.
“The high demand has enabled us to raise additional funds which will further enhance the commercial prospects of our portfolio of battery cells.
“The switch to electrification is clearly happening, and not just in the automotive sector but across multiple markets.
“These are trends we anticipated happening eight years ago when we created AMTE and today’s listing has significantly strengthened our ability to make the most of this switch to battery power.”
AMTE Power was co-founded in 2013 by Mr Brundish, together with several others, including former colleagues from QinetiQ, with the objective of developing a portfolio of highly differentiated, lithium-ion and lithium-ion derivative battery cells to meet the needs of specialist customers.