13 March 2023

AMTE Power Plc

("AMTE Power" or the "Company")

Conversion of Convertible Loan Notes and Total Voting Rights

Further to the announcements dated 17 October 2022, 4 November 2022 and 7 March 2023, AMTE Power plc, a leading manufacturer of battery cells for specialist markets, announces that the Company has received a conversion notice in respect of £50,000 worth of convertible loan notes from Arena Investors LP ("Arena") resulting in the issuance today of 98,308 new ordinary shares of 0.5 pence each in the capital of the Company ("New Ordinary Shares") at a conversion price of 50.86 pence per share.

Following the conversion, £2,800,000 remains outstanding for conversion under the first tranche of £3 million of the convertible bond facility with Arena.

The New Ordinary Shares will rank pari passu in all respects with the existing ordinary shares. Application will be made to the London Stock Exchange PLC for the admission of the New Ordinary Shares to trading on AIM ("Admission"). It is anticipated that Admission will occur at 8.00 a.m. on AIM on or around 15 March 2023.

Total Voting Rights

Following Admission, the Company's issued share capital will comprise 36,332,402 ordinary shares. As the Company does not hold any shares in treasury, this figure of 36,332,402 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

The person responsible for arranging the release of this announcement on behalf of the Company is Anita Breslin, Chief Financial Officer of the Company.

Enquiries

About AMTE Power

AMTE Power was founded in 2013 and is a leading UK developer and manufacturer of lithium-ion and sodium-ion battery cells for specialist markets. In March 2021, the Company was admitted to trading on the AIM market of the London Stock Exchange. 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 electric vehicle industry and energy storage sector.

AMTE Power'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. AMTE's proposed gigafactory in Dundee, Scotland is expected to be capable of producing over 8 million battery cells per annum enabling the Company to rapidly scale up cell production.

For further information visit the Company's website:  www.amtepower.com