Altech Batteries Ltd Stock Market Press Releases and Company Profile
USD15m Equity Support from SMS Group
USD15m Equity Support from SMS Group

Perth, Nov 9, 2017 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) (googlechartASX:ATC) (googlechartA3Y:FRA) is pleased to announce that the board of German engineering firm SMS group GmbH (SMS) has approved an additional equity investment of US$ 11 million in Altech. SMS is the lead engineering, procurement and construction (EPC) contractor of the consortium appointed for construction of Altech's proposed Malaysian high purity alumina (HPA) plant.

Highlights

- SMS approves US$ 11 million of additional equity support for Altech

- Subject to financial close of the targeted US$ 185 million debt facility

- Follows the US$ 4 million commitment announced on 27 October 2017

- SMS total equity commitment totals US$ 15 million

- Demonstrates confidence and commitment by Altech's EPC contractor

The additional investment by SMS is subject to financial close of Altech's targeted US$ 185 million project finance debt facility, which the Company is aiming to achieve during the first half of 2018.

SMS's US$ 11 million additional equity investment commitment follows the Company's recent ASX announcement (27 October 2017) regarding an A$ 17 million share placement, which SMS jointly cornerstoned for an amount of US$ 4 million. SMS group's total committed equity support of Altech to date is US$ 15 million, which is a strong demonstration of its confidence and support of Altech and its HPA project.

SMS is a large privately owned German engineering company with an annual turnover of approximately 3.3 billion Euros. SMS builds turnkey solutions based on innovative plant technology, complete with buildings, infrastructure and auxiliary equipment for processing plants such as Altech's proposed HPA plant. SMS was founded in 1871 and is based in Dusseldorf, Germany with office locations worldwide.

Commenting on the additional equity commitment of SMS, Altech's managing director Mr Iggy Tan said, "The Company welcomes the additional direct investment by SMS in Altech; it demonstrates the commitment and confidence of the EPC contractor to the HPA project and the Company. We are very fortunate to have such a supportive partner in this project", he said.


About Altech Batteries Ltd

Altech Chemical Ltd ASX:ATCAltech 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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Contact

Corporate
Iggy 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



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