MTE POWER PLC To partner Sprint, BMW and BP in a Government-funded Project to Reduce Electric Vehicle charge times to 12 minutes

Further to the announcement on 18 August 2021, AMTE Power plc (“AMTE Power” or the “Company“), a developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets, is pleased to announce that the Company has been confirmed as a partner in a new UK Government funded project called CELERITAS to develop ultra-fast charging systems for electric vehicles.

Currently the best-in-class charging systems take approximately 22 minutes for a 10-80% charge for a 280-mile range. The CELERITAS project is aiming to deliver an 80% charge in just 12 minutes. Reducing charge times has been identified as key to accelerating the widespread switch by consumers to electric vehicles.

The project will be part funded by the UK Government through the Advanced Propulsion Centre. (“APCUK”).

AMTE Power’s role will be to develop its high power pouch cells into a cylindrical cell format and provide these cells as the rapid charging cell technology that sits at the heart of the system. The grant funding relating to this project was anticipated in the Company’s forecasts for future grant income.

The five other partners involved in project CELERITAS are expected to be: BMW Group, BP, Sprint Power, a British technology company specialising in low carbon technology, Clas-Sic, the dedicated Silicon Carbide Wafer foundry and Eltrium, a designer and manufacturer of electrical harnesses and energy storage systems.

This is the second APCUK funded project AMTE has been selected to be a key partner in. The first, announced in June 2021, is Project ULTRA for which AMTE is the lead supplier.