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Altech Batteries Ltd

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)
Capital Raising via Entitlement Offer and Placement Raises $15.8M

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.”

Click here for the full ASX Release

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.

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