Altech Batteries Ltd Stock Market Press Releases and Company Profile
Resumption of Trading of Securities
Resumption of Trading of Securities

Perth, Aug 23, 2018 AEST (ABN Newswire) - The securities of Altech Chemicals Limited (Altech/the Company) (googlechartASX:ATC) (googlechartA3Y:FRA) will resume normal trading on the Australian Securities Exchange (ASX) this morning.

On Tuesday 21 August 2018, the Company was contacted about progress of the US$120 million mezzanine debt facility term sheet (announced on 11 May 2018) and the US$60 steam finance facility term sheet (announced on 15 June 2018) and the counter parties involved.

The Company requested that its securities be placed in a trading halt until an update could be provided.

The Company is pleased to report that the due diligence process has commenced and progressing well. Both counterparties have appointed an independent technical consultant. A due diligence kick off meeting was held in Frankfurt, Germany on 27 July 2018. The meeting was attended by Altech management, technical consultants and representatives from the counterparties as well as m.Plan (KfW IPEX-Bank GmbH technical consultant) and SMS group (Altech's appointed EPC contractor). The due diligence work will take into consideration the extensive data base of prior due diligence work commissioned by the senior lender German government-owned KfW IPEX-Bank GmbH.

The Company confirms that the counterparty to the mezzanine debt term sheet is a global investment bank with more than A$400 billion in assets under management. The counterparty to the stream finance term sheet is a global alternative investment management firm with $4.5 billion under management.

The Company will continue to provide updates on the progress of this due diligence process.


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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