Battery maker Amte Power said entering administration is “ever more likely” as it seeks fresh cash, which it said it must secure in the next few days.
It said yesterday that it remained in discussions with existing and potential investors about raising further finance. “However, given the further passage of time since the most recent announcement on 29 June 2023, the Company’s financial situation is becoming ever more critical,” it said.
“Having managed its resources, the Company now needs to implement a solution within the next few business days.” It said the discussions are uncertain in terms of outcome, in which case the chances of entering administration are growing.
If Amte is unable to secure additional funding, the chances of shareholders realising their investments would be remote, it said.
Amte Power was founded in 2013 and has developed a range of lithium and sodium ion cells. It claims an extensive IP portfolio.
