Altech Chemicals Ltd (ASX:ATC) Termination of SMI Funding Agreement

Altech Chemicals Limited (ASX:ATC) (FRA:A3Y) advises that the share purchase subscription agreement (the Agreement) with Specialty Materials Investments LLC (SMI) announced on 21 April 2020, has been terminated by mutual consent of the parties, and no further funding will be provided by SMI to the Company under the Agreement.

Altech managing director Iggy Tan commented "SMI provided funding for the Company and our HPA project during what was both a volatile period in the global markets and a transitional period for the Company. SMI has been a flexible, supportive, responsive and responsible funding partner to Altech. SMI's funding has been instrumental in bridging the Company's capital requirements, which provided it time to execute the extremely successful capital raising that was announced on 16 December 2020. SMI remains a shareholder of the Company, and we thank it for its support."


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.

    

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