Altech Receives $815,000 from R&D Advance Loan Facility
Perth, Mar 30, 2015 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) (ASX:ATC) is pleased to advise that it has entered into a short-term debt-based instrument that provides the Company with immediate funds equivalent to its forecast research and development (R&D) tax incentive offset (R&D Scheme) for the year ended 30 June 2015.
The advance of $815,000 from Platinum Road was based on the estimated R&D Scheme (relating to the Company's completed and remaining eligible R&D activities) being received in October 2015.
The upfront funds will allow Altech to accelerate its bankable feasibility study (BFS) and ongoing R&D activities for its proposed high purity alumina (HPA) processing operation.
The Company reported a cash position of $1,174,000 as at 31 December 2014.
To view key terms of the loan, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-ATC-714408.pdf
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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