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Quarterly Activities/Appendix 5B Cash Flow Report
Altech Batteries (ASX:ATC) is pleased to present its Quarterly Activities and Cash Flow Report.
Capital Raising Via Entitlement Offer and Placement Raises $15.8M
- Altech raised $3 million through a placement to sophisticated and professional investors
- Followed by $12.8 million via a pro-rata entitlement offer to existing eligible shareholders
- Entitlement offer was partially underwritten for $6,700,000 by Altech’s largest shareholders Deutsche Balaton Aktiengesellschaft and Delphi Unternehmensberatung Aktiengesellschaft
- Funds will be used to further progress the CERENERGY® and Silumina AnodesTM Projects
Optimised Design of CERENERGY® Battery Packs Completed for DFS
- Optimised design of 60 KWh battery pack completed
- Sleek stainless-steel exterior – maintains finish in all weather conditions
- Battery base incorporates high-temperature-resistant electrical cables
- Upgraded design to cell connector plates using mica insulation
- Two working prototype 60 KWh batteries in full production
- First stainless-steel battery case delivered – undergoing heat loss testing
CERENERGY® Permit and License Application Commenced and to be Streamlined
- Commenced permitting and licensing application process
- License for construction/operation 100 MWh CERENERGY® battery project
- Normal federal approval required (German Federal Immission Control Act, BimSchG)
- Project has low environmental and community impact - manufacturing
- Inter-ministerial decision that project comes under Saxony state approval
- Expected to significantly streamline and expedite the licence process
- DFS and finance continue to progress
- Proactive approach by commencing permit and license process early
Updated Silumina AnodesTM Plant Calciner Design and Layout
- DFS Calciner design and layout complete
- DFS on track and progressing well
- Preliminary discussions on permitting with regulatory bodies have commenced
Environmental, Social & Governance Report
- Inaugural ESG Report prepared and released to market
Annual General Meeting
- Annual General Meeting to be held virtually, as well as at Altech’s office at Suite 8, 295 Rokeby Road, Subiaco, Australia on Friday 27 October 2023 at 2.00pm (AWST)
Altech completed a total capital raising of $15.8 million, comprising the issue of 226,560,014 fully paid ordinary shares in the capital of the Company at an issue price of $0.07 per Share. $500,000 of the total raising is subject to receiving shareholder approval at the Company’s AGM to be held on 27 October 2023.
Managing Director Mr Iggy Tan stated, “We are delighted with the outcome of the capital raising. Altech’s major shareholders, Deutsche Balaton Aktiengesellschaft and Delphi Unternehmensberatung Aktiengesellschaft, have partially underwrote the Entitlement Offer for $6,700,000. Having the support of these German shareholders is very pleasing. The capital raising has come at an exciting time for Altech, as we progress with the commercialisation of the 100MWh CERENERGY® battery project, as well as near completion of our Silumina AnodesTM pilot plant.”
Chief Financial Officer Mr Martin Stein stated, “Altech is pleased with the support for the capital raising. The Company received a great deal of interest from investors to participate. 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.”
“There has been a great deal of interest from the market in the CERENERGY® and Silumina AnodesTM battery projects. 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.”
“In a recent August 2023 report released by McKinsey & Company, the report states that battery energy storage system capacity is likely to quintuple between now and 2030 and states that the battery energy storage system market is expected to grow from $44-$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 extremely excited by the potential of this product.”
This article includes content from Altech Batteries, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Altech Batteries (ASX:ATC, FRA:A3Y) is a battery technology company focused on commercialising the revolutionary CERENERGY® Sodium-Chloride Solid State (SCSS) Battery, destined for the renewable energy grid storage market. The SCSS Battery does not require lithium, cobalt, copper or graphite, bypassing these high-demand and expensive minerals, and leverages a novel sodium-chloride (common table salt) technology to produce a more durable and longer-lasting battery. This new battery uses cheaper and readily available sodium rather than the more scarce, costly and risky lithium. Lastly, Altech is headed by an experienced team who understands what it takes to bring transformative technology to market.
That’s not all Altech has going for it, either. Unlike other energy storage options, the Company’s new SCSS Battery technology promises to solve many issues associated with traditional lithium batteries, including fire and explosion risks, manufacturing costs, operating temperature ranges and lifespans.
The reality is simple: Lithium-ion batteries have been susceptible to fire and explosions and have even malfunctioned in certain temperatures — all critical issues that must be solved to ensure long-term sustainability.
CERENERGY® batteries solve these challenges. For example, they do not contain any volatile flammable electrolyte or plastic separator, and use a solid-state ceramic tube. Simply put, the thermal runaway problem that’s plaguing lithium-ion batteries is not possible with Altech’s new battery technology.
Altech has a joint venture agreement with the German government battery institute Fraunhofer IKTS, which has been developing the CERENERGY® battery over the past eight years and invested over 35 million euros in research and development. Now, Altech is helping commercialise the technology by providing expertise and resources to build a new 100 MWh plant in Saxony, Germany, on Altech’s land.
- Altech Batteries is a battery technology company focusing on commercialising its revolutionary CERENERGY® Sodium-Chloride Solid State (SCSS) Battery that uses common table salt technology.
- Altech’s proprietary technology does not require lithium, cobalt, copper or graphite, eliminating cost, ethical, safety and supply chain issues.
- Compared to lithium-ion batteries, the CERENERGY® battery is fire and explosion proof, is cheaper to manufacture, is suitable in any temperature range and provides a greater lifespan.
- Altech has a joint venture agreement with Fraunhofer IKTS, the German Government’s Battery Institute that has been developing the SCSS technology for eight years with significant financial investment.
- The joint venture is building a new 100 MWh plant in Saxony, Germany to manufacture the new SAS 1.0 MWh GridPack, designed for the lucrative and growing grid storage market.
- Additionally, Altech is building a pilot plant for its Silumina AnodesTM product, designed to improve lithium-ion batteries by providing a higher capacity anode for the EV market. This patented technology involves coating silicon and graphite with high-purity alumina, increasing the capacity of lithium-ion batteries by 30% compared to traditional graphite only anodes.
CERENERGY® Sodium-Chloride Solid State Battery Project
Altech Batteries and Fraunhofer IKTS are currently commercialising the Sodium-Chloride Solid State (SCSS) battery technology, which uses sodium over lithium. It is a solution geared toward the renewable energy grid storage market, an often overlooked but significant market for the transition to renewable energy.
- Solves Major Issues with Lithium-Ion Batteries: We’ve seen challenges with lithium-ion batteries become news stories as these batteries experience thermal runaway or cannot operate outside an ideal temperature range. CERENERGY® battery technology does not use combustible liquid electrolytes and has a significantly improved temperature range of -40 to 60 degrees Celsius.
- Impressive Shelf Life and Operating Life: Unlike lithium-ion batteries, the CERENERGY® battery does not use a liquid electrolyte, meaning it does not deteriorate over time; there is no loss of sodium. CERENERGY® batteries have extended shelf life compared to lithium-ion and an operating lifespan of over 15 years, which also exceeds lithium batteries.
- Pilot Plant and New GridPack Underway: Altech Batteries and Fraunhofer IKTS are now commercialising the technology with a new 100 MWh plant in Saxony. Additionally, Altech recently announced its new 1.0 MWh GridPack designed for grid storage. The new GridPack is suitable for all weather conditions, has low maintenance costs, and has a long battery life.
Silumina Anodes™ Pilot Plant
Altech Batteries has purchased the land in Saxony, Germany, for its 10,000tpa proprietary Silumina AnodesTM battery materials plant. The plant has a completed pre-feasibility study with outstanding economics. The Company strategically selected the plant’s location to serve the European battery market. The pilot plant will be built adjacent to the land.
- Encouraging Pre-Feasibility Study Completed: The PFS produced robust economics including:
- Pre-tax NPV8 US$ 507 million
- Internal Rate of Return (IRR) 40 percent
- Payback (full rate) 3.1 years
- EBITDA US$ 63 million p.a.
- Capital cost US$ 95 million
- Production costs – US$ 12.20/kg
- Avg. sale price – US$18.50/kg
- Gross Margin – 34 percent
- Plant Designed for Minimal Environmental Impact: The Centre of International Climate and Environmental Research (CICERO), located in Norway, has reviewed the plant’s design and awarded it the rating of “Medium Green.” This rating indicates that the project achieves ‘green’ financing.
- Feedstock Supply of Battery-Grade Anode Materials Secured: Altech Batteries has executed a Memorandum of Understanding (MoU) with two European suppliers of battery-grade materials: SGL Carbon and Ferroglobe.
Iggy Tan - Managing Director
Iggy Tan is a highly experienced mining and chemical executive with a number of significant achievements in commercial mining projects such as capital raisings, funding, construction, start-ups and operations. Iggy has over 30 years of chemical and mining experience and been an executive director of a number of ASX-listed companies. He holds a Master of Business Administration from the University of Southern Cross, a Bachelor of Science from the University of Western Australia and is a graduate of the Australian Institute of Company Directors.
Iggy is responsible for managing and implementing the next stage of Altech’s strategic business objectives. Having been involved in the commissioning and start-up of seven resource projects in Australia and overseas, including high-purity technology projects, Iggy is an accomplished project builder and developer.
Iggy previously held the positions of managing director of Nickelore Limited, Galaxy Resources Limited and Kogi Iron Limited. At Galaxy, Iggy was responsible for capital raising, construction and start-up of the company’s Mt Cattlin spodumene mine ($80 million) and the Jiangsu lithium carbonate plant ($100 million), which resulted in Galaxy becoming the world’s leading producer of high purity lithium carbonate. The Jiangsu plant was eventually sold for $260 million in 2014.
Uwe Ahrens is executive director of Melewar Industrial Group Berhad and managing director of Melewar Integrated Engineering Sdn Bhd. He also sits on the board of several other private limited companies. Uwe holds masters in both mechanical engineering and business administration from the Technical University Darmstadt, Germany. Upon graduation, Uwe joined the international engineering and industrial plant supplier, KOCH Transporttechnik GmbH in Germany, now belonging to FLSmidth Group, where he held a senior management position for 12 years, working mainly in Germany, USA and South Africa.
In 1997, Uwe was based in Kuala Lumpur as general manager of KOCH in South East Asia and became its managing director in 1999. He joined Melewar Group in 2002 and is also currently chief technical officer of the Melewar group of companies being responsible for engineering, upgrading, modification and extension of machinery and plant as well as the overall maintenance.
Martin Stein is a finance and corporate executive with over 20 years’ of international experience. Martin has held the positions of chief financial officer and company secretary in several ASX-listed companies. In these roles, Martin has been responsible for all aspects of capital raising, financial management, shareholder liaison and corporate governance.
Prior to this, Martin held senior positions with Anvil Mining Limited as well as with PwC at its London office. Whilst with PwC, Martin provided corporate services for companies listed on the LSE, NYSE and AIM, including Colgate-Palmolive, Sony, Heinz, DHL Express and Bosch.