Altech Batteries Ltd Stock Market Press Releases and Company Profile
Annual Report to shareholders
Annual Report to shareholders

Perth, Oct 11, 2019 AEST (ABN Newswire) - During the year Altech Chemicals Ltd (googlechartASX:ATC) (googlechartA3Y:FRA) continued to make progress towards finalising a total funding package for its HPA project, whilst also initiating the commencement of HPA plant construction in Johor, Malaysia. The decision to equity fund the initial stages of plant construction in parallel with finance close, rather than wait for finance close to occur, is allowing project momentum to be maintained - as initial design and engineering activities transition to site-based construction.

HPA PLANT CONSTRUCTION

In July 2018, the Company signed an agreement with its appointed engineering, procurement and construction (EPC) contractor SMS group, of Dusseldorf, Germany to enable Stage 1 construction works at the HPA plant site to commence.

An official ground-breaking ceremony took place on 8 August 2018 to signify the commencement of stage 1 construction. The ceremony was held at the Company's Tanjung Langsat HPA plant site and was attended by a range of dignitaries, project stakeholders and Altech's full board of directors and staff.

Site clearance works were completed by late July 2018 and the announcement of the commencement of Stage 1 construction works was made in January 2019, following the receipt of a development order approval from local authorities in Johor.

Stage 1 construction work activities included bulk earthworks; maintenance workshop foundation piling; the construction of retaining walls; on-site water detention tanks (OSD tanks); construction of the site sub-station structure and a maintenance workshop. The maintenance workshop will be used as covered storage during stage 2 of the HPA plant construction. The majority of stage 1 works were funded and pre-paid to the EPC contractor and will be credited against the US$280 million lump-sum fixed-price HPA plant EPC contract price.

An inaugural investor visit to the HPA plant construction site was hosted by the Company in mid-April 2019. Attendees were able to observe progress of construction activities; meet EPC contractor representatives and representatives from senior project lender KfW IPEX-Bank; and were informed of the Company's plan to initiate Stage 2 construction. For most stakeholders and investors the April 2019 site visit was their first time visiting the plant location within the Tanjung Langsat Industrial Complex; many expressed their surprise at the scale of industrial development in Johor, the established infrastructure and services that are available and the ease of transit from Singapore's Changi Airport (where most arrived) to Johor.

To view the Annual Report, please visit:
https://abnnewswire.net/lnk/DW31WFPZ


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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