AMTE PowerPlans for a £190m factory and jobs are at risk after a major battery firm entered administration.
AMTE Power, which is based in Oxfordshire but has a manufacturing plant in Thurso, has entered into administration.
It comes after the company announced plans for a multi-million pound site in Dundee in the summer, which bosses said would have provided over 200 jobs.
The firm issued a “funding drive” earlier this year and warned of its substantial financial troubles, requesting help from existing shareholders or a new backer to continue trading.
AMTE Power specialises in lithium ion batteries that are used in high performance cars and heavy goods vehicles.
Specialist business advisory firm FRP has launched an “accelerated mergers and acquisitions process” to help find a buyer in an effort to save the company.
Richard Bloomfield, director at FRP, said: “AMTE Power is a leading player in the UK’s battery cell manufacturing capabilities and has an important role as part of the wider infrastructure that supports the nation’s clean energy transition.
“We expect interest from trade and institutional investors as we work diligently to secure a future for the business.”
ATME has been contacted for comment.
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