In light of the recent downfall of AMTE Power, 20 jobs in Thurso have been salvaged through its acquisition by LionVolt Ltd. This transaction ensures the continued production of battery cells in the city.
AMTE Power, facing financial difficulties, filed for bankruptcy this month. However, the deal with Dutch company LionVolt Ltd has guaranteed the preservation of jobs in Caithness. Unfortunately, the remaining 15 employees in Oxfordshire have lost their jobs.
Established in 2013, AMTE Power became a leading British manufacturer of lithium-ion and sodium-ion battery cells for specialized markets. On Friday, advisory firm FRP announced this transaction. LionVolt Ltd is a subsidiary of Dutch company LionVolt BV, based in Eindhoven, described as an “innovator in battery technology, developing ‘3D’ solid-state batteries that aim to provide high performance, fast charging, safety, and sustainable development.”
FRP noted that in June 2023, AMTE Power informed investors about continued efforts to secure additional funding for battery cell technology development. Unfortunately, delays in finalizing a subscription agreement for rescue funding prompted the company to initiate parallel merger and acquisition processes as safeguarding measures for its future.
Due to escalating financial pressures and difficulties in securing necessary rescue funds, the company announced on December 19 that there was no alternative but to file for bankruptcy. Another filing was made on January 8 to continue efforts in implementing parallel strategies.
By selling its business and battery cell production-related assets in Thurso to LionVolt, FRP administrators confirmed that this agreement allows for the appropriate utilization of the manufacturing facility to produce LionVolt batteries and involves the transfer of 20 jobs located in Thurso. Unfortunately, 15 employees from Milton, England have lost their jobs.
Richard Bloomfield, Director at FRP and joint administrator of AMTE Power, said, “The acquisition by LionVolt provided the best opportunity to preserve jobs and fulfill our obligations to creditors.” This transaction is the result of an exhaustive sales process and search for new investments. Above all, it enables the continuation of battery cell production in Scotland, ensuring significant job security. We wish the LionVolt team all the best for the future.
Employees at the AMTE Power facility in Milton will receive support from FRP in filing applications to the Redundancy Payments Service. The AMTE facility in Dundee was intended to be a factory capable of producing over 8 million battery cells annually and was expected to create over 200 jobs.
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The source of the article is from the blog macholevante.com