Proposed Change of Company Name to Altech Batteries Limited
Perth, Nov 22, 2022 AEST (ABN Newswire) - Altech Chemicals Limited (
ASX:ATC) (A3Y:FRA) is pleased to advise that, following a Board of Directors meeting, the Board has decided to change the Company's name to 'Altech Batteries Limited'. The name change will require the approval of shareholders at the next General Meeting in the new year. In the 2022 Annual Report, Managing Director, Iggy Tan stated that the "Company is undergoing a transition to be a battery energy company to meet a battery storage future."
Altech intends to retain the current ASX ticker as "ATC". The Board believes the proposed new name reflects the vision of Altech to meet a battery storage future as the world transitions to the electrification of energy solutions. The proposed name is consistent with the business and market segments of all three of Altech's current projects.
The Company also believes that the proposed name will allow for marketing of the Company's future products in a more beneficial manner.
Altech's three current projects are:
1. CERENERGY(R) Battery Project (100 MWh pa) - Alternative Salt Nickel Battery for Grid Storage
2. Silumina Anodes(TM) Project (10,000 tpa) - Alumina Coated Silicon Graphite Anode Material for Batteries
3. High Purity Alumina Project (4,500 tpa) - For today's Lithium-Ion Batteries and the Future's Solid State Batteries
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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