A British cell producer looks set to close down after a failed £2.5 million agreement pushed the business into administration more than two years back.

A filing to move from administration to winding up was submitted for AMTE Power earlier in the year, indicating the company could shortly cease to operate as a registered business.

The cell maker was established in the early part of the 2010s and had its registered offices at Milton Park in Abingdon, Oxfordshire between November 2023 and January 2024.

AMTE Power concentrated on lithium-ion and sodium-ion technology deployed in high-performance electric vehicle power packs and extended-duration grid storage applications.

In June 2023, the enterprise revealed it was finding it difficult to secure financing for its growth plans, placing a proposed 200-worker Angus facility in jeopardy.

According to City AM, executives appealed to ministers for emergency assistance but drew a blank.

However, towards the end of 2023, the firm secured a £2.5 million backing agreement with investment house Pinnacle, which later fell through, prompting business recovery specialists FRP Advisory to be named as administrators.

The administrators offloaded the concern from administration to Dutch battery technology company LionVolt, which assumed control of the Scottish battery cell manufacturing and assembly operations, preserving approximately 20 positions.

The proposed Dundee gigafactory, which would have generated 200 employment opportunities, has since stalled.

Now, it appears the assets comprising AMTE Power’s trademarks, web address and patent portfolio are to be wound up as the company prepares to fully terminate operations.

In remarks put out in January, the administrators stated that despite extensive attempts, no viable purchase proposals emerged for these holdings and they could not be sold on.