Proposed Change of Company Name to Altech Batteries Limited
Perth, Nov 22, 2022 AEST (ABN Newswire) - Altech Chemicals Limited (ASX:ATC) (A3Y:FRA) is pleased to advise that, following a Board of Directors meeting, the Board has decided to change the Company's name to 'Altech Batteries Limited'. The name change will require the approval of shareholders at the next General Meeting in the new year. In the 2022 Annual Report, Managing Director, Iggy Tan stated that the "Company is undergoing a transition to be a battery energy company to meet a battery storage future."
Altech intends to retain the current ASX ticker as "ATC". The Board believes the proposed new name reflects the vision of Altech to meet a battery storage future as the world transitions to the electrification of energy solutions. The proposed name is consistent with the business and market segments of all three of Altech's current projects.
The Company also believes that the proposed name will allow for marketing of the Company's future products in a more beneficial manner.
Altech's three current projects are:
1. CERENERGY(R) Battery Project (100 MWh pa) - Alternative Salt Nickel Battery for Grid Storage
2. Silumina Anodes(TM) Project (10,000 tpa) - Alumina Coated Silicon Graphite Anode Material for Batteries
3. High Purity Alumina Project (4,500 tpa) - For today's Lithium-Ion Batteries and the Future's Solid State Batteries
About Altech Chemicals Ltd
Altech Chemicals Limited (ASX:ATC) (FRA:A3Y) is aiming to become one of the world's leading suppliers of 99.99% (4N) high purity alumina (Al2O3) through the construction and operation of a 4,500tpa high purity alumina (HPA) processing plant at Johor, Malaysia. Feedstock for the plant will be sourced from the Company's 100%-owned kaolin deposit at Meckering, Western Australia and shipped to Malaysia.
HPA is a high-value, high margin and highly demanded product as it is the critical ingredient required for the production of synthetic sapphire. Synthetic sapphire is used in the manufacture of substrates for LED lights, semiconductor wafers used in the electronics industry, and scratch-resistant sapphire glass used for wristwatch faces, optical windows and smartphone components. Increasingly HPA is used by lithium-ion battery manufacturers as the coating on the battery's separator, which improves performance, longevity and safety of the battery. With global HPA demand approximately 19,000t (2018), it is estimated that this demand will grow at a compound annual growth rate (CAGR) of 30% (2018-2028); by 2028 HPA market demand will be approximately 272,000t, driven by the increasing adoption of LEDs worldwide as well as the demand for HPA by lithium-ion battery manufacturers to serve the surging electric vehicle market.
Altech Chemicals Ltd