Altech Batteries Ltd Stock Market Press Releases and Company Profile
Malaysian Manufacturing Licence Approval
Malaysian Manufacturing Licence Approval

Perth, Feb 21, 2018 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) (googlechartASX:ATC) (googlechartA3Y:FRA) is pleased to announce that it has been advised by the Malaysian Investment Development Authority (MIDA) that the manufacturing licence for operation of its 4,500tpa high purity alumina (HPA) plant at Johor, Malaysia has been approved. This represents another important development milestone that has been achieved by the Altech management team.

Highlights

- Manufacturing licence for 4,500tpa HPA plant approved

- Another HPA development milestone achieved

- Target "Pioneer Status" investment incentive (5-year company income tax exemption)

- 1.2 billion ringgit investment in Malaysia

Under the terms of notification of the manufacturing licence approval, Altech Malaysia has been requested to submit copies of various corporate documents, a largely administrative process, after which the formal manufacturing licence will be issued. It is currently anticipated that the formal manufacturing licence will be issued during Q-2, 2018.

Upon issue of the manufacturing licence, Altech Malaysia's application for "Pioneer Status" (High Technology) investment incentive classification will progress. A project approved as Pioneer Status (High Technology) will benefit from income tax exemption of 100% of its statutory income for a period of five years from the commencement of commercial production. Also, any accumulated losses and unabsorbed capital allowances (depreciation) during the Pioneer Status period can be carried forward and deducted from post Pioneer Status period income.

The issue of the formal manufacturing licence will also allow the Company to proceed to the next stage of state and local government approvals.

Commenting on the manufacturing licence approval, Altech managing director Mr Iggy Tan said, "The Company is delighted with the support that it is receiving for its HPA project from MIDA and the Johor and Malaysian governments. The prompt assessment of our manufacturing licence application is testament to the support for our proposed HPA plant, which will represent a total investment of approximately 1.2 billion ringgit in Malaysia."


About Altech Batteries Ltd

Altech Chemical Ltd ASX:ATCAltech 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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Contact

Corporate
Iggy 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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