FRP Advisory has sold the Scottish branch of AMTE Power, as well as its assets, to Dutch company LionVolt, saving a total of 20 jobs. LionVolt is a subsidiary of LionVolt B.V., a group based in Eindhoven, Netherlands, specializing in innovative “3D” battery technology based on solid-state concentration technology. This technology aims to provide high performance, fast charging, safety, and sustainable solutions.
Since June 2023, AMTE Power has been informing investors about its attempts to secure additional funding for battery cell technology development. Despite interest from some investors, delays in finalizing the agreement for emergency funding prompted the company to expedite the search for alternative solutions. FRP, a team of restructuring and corporate finance experts, was hired to secure the company’s future.
Due to ongoing delays in securing necessary emergency funding, AMTE Power announced on December 19, 2023, that it had no choice but to file a notice of intention to appoint administrators. Another statement was filed on January 8, 2024, to continue parallel strategies. Faced with growing financial difficulties, the company had no choice but to apply for protection under administrative proceedings. On January 19, three administrators – Richard Bloomfield, Ian Corfield, and Michelle Elliott from FRP – were appointed to oversee the proceedings. On January 25, the administrators finalized the sale of AMTE Power’s manufacturing operations and battery cell production assets in Thurso to LionVolt.
This transaction allows for the transformation of the Thurso factory into a center for innovative battery production by LionVolt, resulting in the relocation of 20 jobs. Unfortunately, 15 employees in Milton lost their jobs. Richard Bloomfield, Director at FRP and Joint Administrator of AMTE Power Plc, commented: “The transition to LionVolt ownership provided the best chance to preserve jobs and fulfill our obligations to creditors.”
This article reports on the sale of AMTE Power’s Scottish branch and its assets to Dutch company LionVolt by advisory firm FRP Advisory. This transaction saved 20 jobs. LionVolt is a subsidiary of LionVolt B.V., specializing in innovative “3D” battery technology based on solid-state concentration technology. The goal of this technology is to deliver performance, fast charging, safety, and sustainable solutions.
Since June 2023, AMTE Power has been informing investors about its attempts to secure additional funding for battery cell technology development. However, delays in finalizing the emergency funding agreement led the company to seek alternative solutions. To this end, a team of experts in restructuring and corporate finance from FRP were hired.
Due to ongoing delays in securing the necessary emergency funding, AMTE Power filed a notice of intention to appoint administrators. Faced with mounting financial problems, the company had to seek protection under administrative proceedings, and three administrators were appointed to oversee this process. The administrators finalized the sale of AMTE Power’s manufacturing operations and battery cell production assets to LionVolt.
This transaction allows for the transformation of the Thurso factory into a center for innovative battery production by LionVolt, resulting in the relocation of 20 jobs. Unfortunately, 15 employees in Milton lost their jobs.
The source of the article is from the blog macholevante.com