Altech Chemicals Ltd (
The share placement was anchored by the Company's major shareholders Deutsche Balaton AG / Delf, which subscribed to $0.6 million of new shares, the balance of the share placement was supported by a range of professional and sophisticated investors, many of whom are long-term holders of Altech shares. The number of applications for new shares that the Company received from existing shareholders under the SPP was pleasing. In excess of 300 shareholders participated in the SPP and contributed an additional $2.8 million, which is an excellent outcome - especially considering the timing of the SPP which coincided with the Christmas/New Year period.
Proceeds will be applied to the Company's project funding strategy, payments for Stage 2 engineering and construction activities at the Company's high purity alumina (HPA) plant in Johor, Malaysia, and for administration and working capital purposes.
To view the quarterly report, please visit:
https://abnnewswire.net/lnk/K16QPHR8
About Altech Batteries Ltd
Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ("Fraunhofer") to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.
The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech's land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.
Contact
CorporateIggy Tan
Managing Director
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com
Martin Stein
Chief Financial Officer
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com
Related Companies
Related Industry Topics: