Altech Chemicals Limited (Altech/the Company) (
Highlights
- Positive assessment of HPA project independent technical review report
- Mezzanine debt facility to proceed to internal approvals process
- No impact on HPA plant stage 1 construction activities
The proposed mezzanine lender, a global investment bank, has advised the Company that the path to internal approval will include the satisfactory completion of an independent HPA market report; an independent legal due diligence report; internal financial modelling; and inter-creditor discussions with the senior lender - German government owned KfW IPEX-Bank. The Company understands that the steps outlined above can be largely conducted concurrently, and the estimated timeframe for completion will be advised when this information becomes available.
Altech's managing director, Iggy Tan said that: "achieving the go-ahead to proceed towards the process for the internal approval of a mezzanine debt facility is another important milestone for the Company. Although the rigour of the recently completed technical project review extended the anticipated timeframe for the work, this has not impacted on activities at the Company's Johor HPA site where stage 1 construction has commenced, and the required project "development order" has been issued. We have not lost any time or momentum waiting for a mezzanine project finance facility to be concluded."
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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