Malaysian Manufacturing Licence Application Lodged
Perth, Jan 9, 2018 AEST (ABN Newswire) - Altech Chemicals Limited (
ASX:ATC) (A3Y:FRA) is pleased to announce that its wholly owned Malaysian subsidiary, Altech Chemicals Sdn Bhd has submitted a manufacturing licence application to the Malaysian Investment Development Authority (MIDA), for its proposed high purity alumina plant.
Highlights
- Manufacturing licence application submitted
- "Pioneer Status" investment incentive (5-year tax exemption)
- High technology manufacturing of advanced material
- 1.2 billion ringgit investment in Malaysia
Application has also been made to MIDA for the HPA project to be afforded "Pioneer Status" (High Technology) investment incentive classification. A project approved as Pioneer Status (High Technology) will benefit from income tax exemption of 100% of its statutory income for a period of 5 years from the commencement of commercial production. In addition, any accumulated losses and unabsorbed capital allowance (depreciation) during the Pioneer Status period can be carried forward and deducted from post Pioneer Status period income.
Altech has been liaising with MIDA about its proposed HPA project since 2015 and recently met with MIDA representatives in Kuala Lumpur, Malaysia to finalise the applications. Altech was not previously in a position to submit the manufacturing licence and Pioneer Status applications as the project capital cost and engineering, procurement and construction (EPC) contract had not been finalised.
Altech's proposed HPA project represents an investment of approximately 1.2 billion ringgit in Malaysia. The advanced manufacturing technology that will be employed in Altech's HPA plant and the strategic nature of the finished product is consistent with the type of high technology manufacturing projects that Malaysia is promoting via MIDA and its various investment incentives. The project has been previously presented to the Minister of International Trade and Industry, Dato' Sri Mustapa bin Mohamed and Chairman of MIDA, Tan Sri Amirsham Abdul Aziz.
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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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