Ministers have rejected bailout requests from a London-listed electric battery manufacturer that faces collapse within days.
AMTE Power’s efforts to hold substantive talks with Whitehall about emergency funding have stalled, Sky News has learned.
City sources said AMTE’s chief executive, Alan Hollis, was frustrated by a lack of engagement from government officials as the company’s finances became increasingly precarious.
AMTE Power has plans to build a gigafactory in Dundee, but has seen its valuation drop amid financial challenges.
A person close to the company said the £500m government bailout package provided to Tata Motors was at odds with the estimate. Jaguar Land Rover unit with his “apparent indifference” to AMTE.
The AIM-listed business warned on Thursday that its position had become “more critical”.
FRP advisory is supposed to be put on standby to act as administrators.
An AMTE spokesperson declined to comment on its efforts to engage government officials.
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How are lithium batteries made?
A spokesman for the Department for Business and Trade said: “This Government is committed to securing the future of the car industry in the UK and we are working hard to unlock private investment through the Automotive Transformation Fund.
“Our funding has helped secure significant investment, including Tata’s recent announcement that they will invest more than £4bn to build a new gigafactory in the UK, a £1bn electric vehicle hub in Sunderland in partnership between Nissan and Envision, a £380m investment from Ford, a £380m investment and a £6m investment from Johnlewood in electric drive units. Develop hydrogen technologies.”
Source by [Sky News]
