Saffery advises AMTE Power plc on its initial public offering to AIM

Withholding Tax

Saffery’ London Corporate Finance Team acted as reporting accountants on the IPO of battery cell manufacturer AMTE Power plc, which was admitted to trading on AIM on 12 March 2021.

The IPO raises circa £13 million from institutional and professional investors and values the company at circa £61 million on admission.

AMTE Power is a developer and manufacturer of lithium-ion battery cells for specialist markets. In an era of growing environmental concerns, the business is well placed to capitalise on a rapid rise in global demand for lithium-ion battery cells.

AMTE Power differentiates itself from other cell manufacturers by focussing on specialist, yet significant, markets where superior cell performance is a primary customer requirement and where international cell manufacturers are not optimally structured to fulfil those requirements. 

The net proceeds of the placing will be applied to finance the general working capital requirements of the company. 

Kevin Brundish, CEO of AMTE Power plc commented “Joining London Stock Exchange is a significant landmark for our business so naturally we are all delighted. Eight years ago we set out to be a leading UK developer and manufacturer of battery cells and we believe the listing will be key to enabling us to achieving this. We have not got here alone and I would like to thank all of our people and advisers, who have been instrumental in getting us to where we are today.”

Adam Westcott, CFO of AMTE Power plc commented “Niraj and the team at Saffery worked closely with us throughout the IPO process, providing just the right level of support and advice across all aspects of the engagement. I am incredibly grateful for their contribution in helping to deliver a highly successful fundraise that sets us up nicely for the next few years.”

Niraj Patel, head of the London Corporate Finance Team commented: “AMTE Power plc is at the cutting edge of battery cell technology and its positioning within the battery cell industry means that the company is well placed to take advantage of the UK government’s plan for a green industrial revolution.”