AMTE Power plc (LON:AMTE), a leading UK developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist applications in growing markets, has announced that it has agreed an unsecured £580,000 loan from Highlands and Islands Enterprise (“HIE”). The Loan shall be used for general working capital purposes to support the Group’s operations in Thurso.
The Loan, which is repayable after three years and incurs interest, after an initial twelve-month interest free period, at 6.5 per cent. per annum. The Loan contains certain customary covenants and events of default in favour of HIE.
The Company remains in discussions with HIE regarding the possibility of HIE providing a further loan to be used for similar purpose. However, there can be no assurances that such further loan will be agreed nor that the Company will receive any further funding from HIE.
Alan Hollis, CEO of AMTE Power, commented:
“We are delighted to receive this support from Highlands and Islands Enterprise, the leading government agency in our region, which demonstrates our future contribution to the local community.”
Eann Sinclair, Caithness & Sutherland Area Manager at HIE, commented:
“AMTE is a key employer in Caithness, and we are delighted to support the Company as it transitions from its research and development work into manufacturing.“
