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 stated that AMTE’s chief govt, Alan Hollis, had been left pissed off by an absence 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 individual near the corporate contrasted the estimated £500m authorities assist package deal being supplied 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”.
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 stated: “This authorities is dedicated to making sure the way forward for the automobile trade within the UK and we’re working exhausting to unlock personal funding by way of the Automotive Transformation Fund.
“Our funding has helped secure vital investment, including Tata’s recent announcement that they will be investing over £4bn to build a new gigafactory in the UK, the £1bn electric vehicle hub in Sunderland in partnership between Nissan and Envision, Ford’s investment of £380m in the production of electric drive units at Halewood, and £60m investment by Johnson Matthey in Hertfordshire to develop hydrogen technologies”.
Source: information.sky.com”