AMTE Power PLC (AIM:AMTE) said administrators have agreed to sell part of its lithium-ion and sodium-ion battery cells business to LionVolt, a solid-state battery maker based in the Netherlands.
Joint administrators from FRP Advisory Group PLC (AIM:FRP) were appointed last month after AMTE failed to drum up funds in a hugely discounted £2.1 million share issue, which was designed to tide it over while a new potential backer carried on due diligence on a promised £2.5 million cash injection.
Administrators said that "part of the trading business and certain assets" have been sold to LionVolt Ltd., a new wholly-owned subsidiary of Eindhoven-based LionVolt BV.
AMTE shares have been suspended since the resignation of WH Ireland as the company's AIM nominated adviser on 19 January.
They will be delisted and cancelled if the company fails to appoint a replacement nominated adviser within a month.