According to Sky News, efforts by the company to hold substantive discussions with Whitehall about emergency funding have stalled, leaving the company's chief executive, Alan Hollis, frustrated by a lack of engagement from government officials.
AMTE Power has drawn up plans to build a gigafactory in Dundee, but has seen its valuation slump amid financing challenges.
One person close to the company contrasted the estimated £500m government support package being provided to Tata Motors' JAGUAR LAND ROVER UNIT with its "apparent indifference" to AMTE.
The AIM-listed business warned on Thursday that its position had become "ever more critical".
FRP Advisory is understood to have been placed on standby to act as administrators.
An AMTE spokesperson declined to comment on its efforts to engage government officials.
LONDON DAILY ARCHIVE
British Government Rejects Emergency Funding Plea from AMTE Power, Faces Imminent Collapse
The British government has reportedly rebuffed pleas for financial support from AMTE Power, a London-listed electric battery manufacturer that is facing collapse.
22 July 2023 · 02:37 UTC
