Government rebuffs pleas from stricken battery maker AMTE Power | Business News

Ministers have rebuffed pleas for monetary assist from a London-listed electrical battery producer which faces collapse inside days.

Sky Information has learnt that efforts by AMTE Energy to carry substantive discussions with Whitehall about emergency funding have stalled.

Metropolis sources stated that AMTE’s chief govt, Alan Hollis, had been left annoyed by an absence of engagement from authorities officers as the corporate’s monetary place had turn into more and more precarious.

AMTE Energy has drawn up plans to construct a gigafactory in Dundee, however has seen its valuation stoop amid financing challenges.

One particular person near the corporate contrasted the estimated £500m authorities assist package deal being offered to Tata Motors’ Jaguar Land Rover unit with its “obvious indifference” to AMTE.

The AIM-listed enterprise warned on Thursday that its place had turn into “ever extra essential”.

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FRP Advisory is known to have been positioned on standby to behave as directors.

An AMTE spokesperson declined to touch upon its efforts to have interaction authorities officers.

A Division for Enterprise and Commerce spokesperson stated: “This authorities is dedicated to making sure the way forward for the automobile business within the UK and we’re working onerous to unlock non-public funding by way of the automotive transformation fund.

“Our funding has helped safe important funding, together with Tata’s current announcement that they are going to be investing over £4bn to construct a brand new gigafactory within the UK, the £1bn electrical car hub in Sunderland in partnership between Nissan and Envision, Ford’s funding of £380m within the manufacturing of electrical drive items at Halewood, and £60m funding by Johnson Matthey in Hertfordshire to develop hydrogen applied sciences”.