Altech (ASX:ATC) battery development gets fully charged

Altech Batteries have raised $15.8 million, filling a $2.53M shortfall to develop its unique CERENERGY and Silumina Anodes battery projects.

According to McKinsey & Company, battery energy storage system capacity is set to quintuple between now and 2030. The massive leap in power could set the battery energy storage system market on fire, growing from $55 billion in 2023 to $120-$150 billion in 2030.

Altech is racing to bring its sodium-chloride solid-state CERENERGY battery project to market and is highly excited by the potential of this product.

The 11th-hour funding support 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 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.

“Altech is pleased with the support for the shortfall. The Company received a great deal of interest from investors to participate,” Chief Financial Officer Martin Stein said.

“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.

“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 battery project.”

ATC.AX

ALTECH BAT FPO [ATC]

ASX

$0.038

$0.001

2.56%

ALTECH BAT FPO [ATC]

Sector: Basic Materials

Industry: Specialty Chemicals

Employees: 24

Altech Batteries Limited, together with its subsidiaries, operates as a specialty battery technology company in Australia, Germany, and Malaysia. It operates through Silumina Anodes, CERENERGY, and High Purity Alumina segments. The company holds interests in the CERENERGY Battery Project, an alternative to lithium-ion batteries for grid storage; Silumina Anodes Project, a high-purity alumina coated silicon and graphite anode material for batteries; and high purity alumina project. It also engages in kaolin mine and other mineral exploration activities. The company was formerly known as Altech Chemicals Limited and changed its name to Altech Batteries Limited in February 2023. Altech Batteries Limited was incorporated in 2007 and is based in Subiaco, Australia.

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