Shortfall Placed Giving Total Funds Raised $15.8M
Perth, Aug 14, 2023 AEST (ABN Newswire) - Altech Batteries Ltd (
ASX:ATC) (A3Y:FRA) advises that, in relation to the shortfall for the Company's pro-rata non-renounceable entitlement offer, pursuant to the Prospectus dated 18 July 2023, Altech has received binding commitments for the shortfall shares, raising gross additional funds of $2,538,000.
Altech has received binding commitments from major German shareholder Deutsche Balaton Aktiengesellschaft, as well as from 180 Markets Pty Ltd, for a total of 36,257,139 shares at $0.07 per share.
Shares will be issued to sophisticated and professional investor clients of 180 Markets Pty Ltd. Subject to the funds being received, Altech intends to issue all shares on Wednesday 16 August 2023.
Chief Financial Officer Mr Martin Stein stated "Altech is pleased with the support for the shortfall. The Company received a great deal of interest from investors to participate. Total proceeds have now been raised of $15,838,208, including $3,000,000 from the recent placement, as well as the allocation of $12,838,208 from the Entitlement Offer and shortfall.
"There has been a great deal of interest from the market in the CERENERGY(R) and Silumina AnodesTM battery projects. We believe that the market is becoming more aware of the enormous potential upside to these projects, as well as the ability and reputation of world leading German government research and development institute Fraunhofer, Altech's joint venture partner in the CERENERGY(R) battery project.
"In a recent August 2023 report released by McKinsey & Company, the report states that battery energy storage system capacity is likely to quintuple between now and 2030 and states that the battery energy storage system market is expected to grow from $44-$55 billion in 2023, to $120-$150 billion in 2030. Altech is racing to bring its sodium-chloride solid state CERENERGY(R) battery project to market, and is extremely excited by the potential of this product".
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.
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