Altech Batteries Ltd Stock Market Press Releases and Company Profile
Altech - Youbisheng approval of Altech Board Nominees
Altech - Youbisheng approval of Altech Board Nominees

Perth, July 19, 2019 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) (googlechartASX:ATC) (googlechartA3Y:FRA) is pleased to announce that the shareholders of Frankfurt listed Youbisheng Green Paper AG (YAG) have approved the appointment to its management board of Altech's nominees Mr Iggy Tan and Mr Uwe Ahrens. The third member of the management board is Mr Hansjoerg Plaggemars.

YAG shareholders, amongst other resolutions, have also approved the change of company name to Altech Advanced Materials AG; a capital increase of up to 63,102,080 Euro; and the increase in size of its supervisory board to five members. Already one Altech nominee Mr. Dieter Rosenthal, has been voted on to the supervisory board, with a plan to have two more nominees of Altech nominated in due course.

Each of the above actions are conditions precedent to the Company's agreement to acquire 29% of YAG, and to the Company's agreement to sell to YAG a non-exclusive right for it to acquire up to 49% of the Altech's HPA project for US$100 million. The agreements are the basis of Altech's European equity strategy, whereby investors will be provided a means to acquire a shareholding in up to a 49% direct interest in the Company's high purity alumina (HPA) project via subscribing to shares in Frankfurt Stock Exchange listed YAG (now approved to be renamed Altech Advanced Materials AG) (refer ASX Announcement of 18 July, 2019 for details).


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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