A FIRM with plans to create 200 green energy jobs in Scotland has revealed it is on the brink of collapse – with just days left to prevent it from falling into administration.
Thurso-based battery manufacturer AMTE Power has told the London Stock Exchange its financial situation is “becoming ever more critical” as it sounds out “existing and potential investors” for cash injections.
AMTE Power last year announced plans for a £190 million megafactory in Dundee, which bosses said would create 215 jobs on the site and 800 more in the supply chain.
In a financing update provided to the London Stock Exchange on Thursday, AMTE said: “The company continues to be in discussions with existing and potential investors concerning raising further finance.
"However, given the further passage of time since the most recent announcement on June 29, 2023, the company's financial situation is becoming ever more critical.
“Having managed its resources, the company now needs to implement a solution within the next few business days. Whilst active discussions continue with existing and potential investors, there can be no certainty of the outcome of these discussions, in which case putting the company into administration is ever more likely.”
The firm went on to warn that should it fall into administration, trading of its shares would be suspended meaning shareholders would be unlikely to recover money put into the company.
Earlier this year, the firm's chief executive cast doubt on the future of the Dundee factory, saying bosses were tempted to build it in America instead because of the incentives offered to industry there.
