Altech Chemicals Ltd (
HIGHLIGHTS
- SMS group appointed as EPC contractor for Malaysian HPA plant
o Leading German global engineering and construction firm
o Prior experience in HPA processing
o Additional throughput, process and quality guarantees
- US$100,000 share subscription by SMS group
o Initial share subscription of US$100,000 by EPC contractor SMS group
o Demonstrates support and confidence for HPA project
o Project equity or subordinated debt support at project financial close
- HPA project due diligence update
o Update on project finance due diligence activities, nearing completion
o Independent due diligence reports are extensive and detailed
o No fatal flaws identified
- $1.85 million raised via share purchase plan and placement
o $1.85 million raised via SPP and share placement
o Issue price of $0.11 per share (5% discount to 5 day VWAP)
o >250 shareholders participated
- Completion of $2 million share placement to existing cornerstone investor
o $2 million received from share placement to existing cornerstone investor MAA Group Berhad
o Funds applied to detailed design and engineering
o Shares issued at $0.14 per share
- Completion of EPC data transfer to SMS group
o Transfer of engineering data to SMS group's EPC team successfully completed
o Key engineering personnel remain available to assist SMS's team
o High quality engineering work by previous contractor
o Malaysian site visit conducted by SMS
o EPC fixed price estimate well advanced
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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.
Contact
CorporateIggy 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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