AMTE Power was co-founded in 2013 by chief executive Kevin Brundish, together with several others, including former colleagues from defence technology heavyweight QinetiQ.
The company, which is based in the Caithness town of Thurso, raised million of pounds earlier this year as its shares were admitted to the Alternative Investment Market (Aim).
The firm is one of only five UK commercial battery cell manufacturers with its purpose-built facility, which boasts the second largest cell manufacturing capacity in the UK.
In addition to its Thurso facility, the company has entered into a framework agreement governing access to the UK Battery Industrialisation Centre cell manufacturing facility and, in 2022, intends to commit to building a new UK manufacturing facility with a capacity of approximately 2GWh (gigawatt hours) per annum.
Publishing a trading update for the 12 months to June 30, AMTE hailed a successful period for the business including admission to Aim alongside an over-subscribed placing in March raising gross proceeds of £12.9 million.
“This gives AMTE Power a financially strong platform from which to complete the first phases of product development and support the ongoing establishment of its gigafactory,” it told investors.
“For the period under review the company is pleased to confirm that it expects revenue and total reported losses after tax to be in line with market expectations.
“As a result of the additional funds raised at IPO the company has accelerated investment in its people and the preparatory work around the gigafactory, resulting in an increase in operating costs.”
The firm secured £3.8m in project income during the period, of which 29 per cent has been recognised in the year just completed. This income is made up of both UK and European grants and commercial development income following on from strong customer engagement. A further £1m of potential commercial income is contingent on certain projects achieving their milestones, the group added.
Bosses added: “A key part of the company’s strategy centres on increasing its existing manufacturing capability to a capacity of approximately 2GWh per annum in the UK.
“The company is in regular dialogue with elements of the UK government to secure funding for the expansion of production capacity to gigafactory levels and is on track to confirm plans and select a site in 2022.”
The group also pointed to progress with its Australian joint venture that will manufacture battery cells for use in power storage systems.
Brundish said: “We are at an exciting point in the development of our portfolio of innovative battery cells.
“Most recently, we were chosen by the UK government’s Advanced Propulsion Centre to lead a new automotive battery cell project involving the close participation of several global car manufacturers who will be road testing our batteries.
“Recent announcements by the major automotive brands on their EV manufacturer plans coupled to the UK government’s clear determination to establish Britain as a global centre for battery manufacture is an ideal backdrop for AMTE Power.
“That said, our focus remains on the development of multiple cells for a variety of specialist markets.”