28 March 2022

AMTE POWER PLC ("AMTE" or the "Company")

Agreed changes to Concert Party

Under the City Code on Takeovers and Mergers (the "Code") published by the Panel on Takeovers and Mergers (the "Panel"), a concert party arises where persons who, pursuant to an agreement or understanding (whether formal or informal), co-operate to obtain or consolidate control (as defined in the Code) of a company or to frustrate the successful outcome of an offer for a company.

Certain persons will be presumed, as set out in the Definitions in the Code, to be persons acting in concert with other persons in the same category unless the contrary is established, including shareholders in a private company who, following the re-registration of that company as a public company in connection with an initial public offering or otherwise, become shareholders in a company to which the Code applies.

In its admission document dated 9 March 2021, AMTE stated that it had agreed with the Panel that a concert party (the "March 2021 Concert Party") existed in the context of the Company, comprising each of the individuals in the following two groups:

·    certain founders of the Company's business, and their respective close associates (the "Founder Group"), and

·    certain individuals introduced to the Company directly or indirectly by a Mr P Tillett, and their respective close associates (the "P Tillett Group").   

The Company has now agreed with the Panel that the March 2021 Concert Party is no longer itself a single concert party, but now comprises two separate concert parties:

·    the Founder Group, which has an aggregate interest in the issued share capital of the Company of approximately 16.6 per cent., and

·    the P Tillett Group, which has an aggregate interest in the issued share capital of the Company of approximately 17.8 per cent.

The members of these two groups are as follows:

The Founder Group:

The P Tillett Group:

The individuals within these two groups can now each acquire further shares in the Company without triggering an obligation under Rule 9 of the Code to make an offer for the whole of its issued share capital, provided such acquisitions do not cause the aggregate interest of their respective concert party to reach or exceed 30 per cent. of the Company's issued share capital.

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. .

For further information contact:

Notes to editors

AMTE Power was founded in 2013 and is a leading developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets. In March 2021, the Company listed on the AIM market of the London Stock Exchange, making the Company the only listed UK battery manufacturer. The Company is focused on launching a series of next generation battery cells based on new chemistries and cell structures that are designed to solve key problems in power delivery, energy performance, and safety. These new products are targeted at a range of specialist markets including the automotive industry, oil and gas market and energy storage sector. AMTE's purpose-built cell manufacturing facility in Thurso, Scotland has the second largest cell manufacturing capacity in the UK and the Company also has a product development team based in Oxford. For further information visit the Company's website: www.amtepower.com