Malaysian Subsidiary Incorporated for HPA Project
Perth, Jan 13, 2015 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) (
ASX:ATC) is pleased to announce that following its strategic decision to select Johor Bahru, Malaysia as the preferred location for its proposed high purity alumina (HPA) processing plant, it has now incorporated a wholly-owned Malaysian subsidiary company, 'Altech Chemicals Sdn Bhd'; the Company was formally advised of the incorporation on 6 January, 2015.
The incorporation of Altech Chemicals Sdn Bhd represents a significant first step in Altech establishing its presence in Malaysia, and closely follows the Company's submission of a Letter of Intent (LOI) for the reservation of a lot within the Tanjung Langsat Industrial Park, Johor Bahru.
Importantly, the incorporation of its Malaysian subsidiary will enable the Company to advance the required documentation associated with the construction and operation of its proposed HPA processing plant, and will allow the Company to make submissions to the Malaysian Investment Development Authority (MIDA) for various investment and tax incentives that may be available to the HPA project.
Commenting on the incorporation of Altech Chemicals Sdn Bhd, managing director Mr Iggy Tan said "the Government of Malaysia in general strongly encourages foreign direct investment (FDI), It actively reaches out via MIDA to targeted industries and negotiates incentive packages to attract FDI, which is highly encouraging."
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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