Authorities rebuffs pleas from stricken battery maker AMTE Power

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

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

City sources mentioned that AMTE’s chief government, Alan Hollis, had been left annoyed by a scarcity of engagement from authorities officers as the corporate’s monetary place had develop into more and more precarious.

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

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

The AIM-listed enterprise warned on Thursday that its place had develop into “ever more critical”.

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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 interact authorities officers.

A Department for Business and Trade spokesperson mentioned: “This government is committed to ensuring the future of the car industry in the UK and we are working hard to unlock private investment through the automotive transformation fund.

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