FRP advises on AMTE Power sale

FRP has revealed its Restructuring Advisory team has completed the sale of the business and assets of battery cell manufacturer, AMTE Power Plc, to Dutch ‘next generation’ battery technology firm LionVolt Ltd. AMTE Power was considered to be one of the top five battery manufacturers in the UK, developing battery cell technology for energy storage in homes and electric vehicles. As early as June 2023 the company notified investors of its continuing efforts to raise additional finance to support its development of battery cell technology. Whilst these efforts attracted some interest, delays in concluding a subscription agreement to raise rescue funds necessitated the commencement of a parallel accelerated M&A process as a contingency to secure a future for the business. As such a multi-disciplinary team comprising of FRP’s Restructuring Advisory, Financial Advisory and Corporate Finance specialists across its network of offices were engaged to find a solution. Due to continued delays in securing the necessary rescue funding and mounting financial pressures, the company subsequently had no alternative but to seek the protection of administration. Richard Bloomfield, Ian Corfield and Michelle Elliott were appointed and completed the sale of the business and assets of its battery cell manufacture and production business in Thurso, Scotland, to LionVolt. The Administrators were supported by Bhuvnesh Majupuria. LionVolt is a subsidiary of LionVolt BV a group based in Eindhoven, Netherlands – a battery innovator that develops ‘3D’ solid-state batteries that aim to deliver high performance, fast charging, safety and sustainability. The transaction with LionVolt enables the battery production facility at Thurso to be repurposed for producing LionVolt’s innovative batteries and includes the transfer of 20 jobs based in Thurso. The remaining 15 staff at Milton, England, were made redundant. Richard Bloomfield, Restructuring Advisory director at FRP and Joint Administrator of AMTE Power Plc, said: “AMTE Power was a key figure in the UK’s leadership in eco vehicles / technology and it is hugely pleasing to have achieved a business rescue. “The acquisition by LionVolt presented the best opportunity to secure jobs and fulfil our statutory duties to creditors. The transaction follows an exhaustive sales process and search for new investment. Critically, it preserves a large number of jobs and provides a continuation of battery cell manufacturing in Scotland. This was a complex matter supported by eight FRP offices and demonstrated real strength of the wider FRP team to achieve a positive result.”

FRP advises on AMTE Power sale

The transaction with LionVolt enables the battery production facility at Thurso to be repurposed for producing LionVolt’s innovative batteries and includes the transfer of 20 jobs based in Thurso

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