The chief financial officer of Thurso-based battery manufacturer AMTE Power has decided to leave the company to “pursue” another offer.
Adam Westcott, who joined the developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets in January 2018, will continue in his current position for the next six months and assist in a hand-over once a new CFO has been appointed.
Kevin Brundish, chief executive of AMTE Power, whose shares rose 3.6% to £2.59, said: “Adam has been made an offer by another business which he wants to pursue.
“He has been instrumental to the corporate development of AMTE and especially so in the recent completion of our successful IPO.
Adam has been made an offer by another business which he wants to pursue.”
Kevin Brundish, chief executive of AMTE Power
“We are grateful to Adam and we wish him well in the future.”
AMTE Power, the UK’s second largest producer of energy storage cells, was formed in 2013 by Mr Brundish and fellow directors Ian Whiting and Steve Farmer who acquired AGM Batteries, which produced conventional lithium-ion cells, from AEA Technology, a spin-off from the UK Atomic Energy Authority.
It has plans to invest tens of millions in a new factory which will be able to produce 2GWh of battery capacity per year.
It has developed a range of battery types using a variety of chemistries for specialised markets. Its “next generation” battery products are being prototyped in Thurso, including one being tested with an unnamed oil and gas equipment manufacturer.
AMTE Power started life as a London Stock Exchange-listed business in March joining the Alternative Investment Market (AIM) after an oversubscribed placing of nearly eight million new and existing ordinary shares.
The company raised £13.7 million, before expenses, which was nearly twice the £7m it was originally seeking.
Prior to the placing, it had secured approximately £9.1m of equity finance and £5.8m in public sector grants.