Altech is looking to raise up to $15.8m to advance its battery projects including the DFS for its CERENERGY® project and finalising construction of its Silumina AnodesTM pilot plant for EV batteries.

The funds will be raised through a $3m placement to sophisticated and professional investors as well as a partially underwritten pro-rata entitlement offer to existing shareholders to raise up to $12.8m.

Altech Batteries’ (ASX:ATC) largest shareholders, Deutsche Balaton Aktiengesellschaft and Delphi Unternehmensberatung Aktiengesellschaft, will partially underwrite the entitlement offer to the tune of $6.7m (or about 52% of the maximum amount).

The entitlement offer also includes a shortfall facility that allows shareholders that have taken up their full entitlement to apply to take up additional shares.

Managing director Iggy Tan said that having the support of Altech’s major German shareholders was 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,” he added.

 

Advancing its battery future

Funds raised under the entitlement offer will be used to advance the Definitive Feasibility Study for the 100MWh plant for production of its CERENERGY® sodium-chloride solid state batteries, for which suppliers have been selected to construct the plant.

Altech will also use proceeds to fabricate two 60kWh battery prototypes at Fraunhofer’s IKTS facility in Hermsdorf, Germany, as well as Fraunhofer joint venture payments.

Additionally, Altech will use funds to finalise construction of commissioning its Silumina AnodesTM pilot plant, which uses its innovative proprietary HPA coating technology to produce a composite graphite/silicon anode with additional capacity to traditional graphite only anodes, and the DFS for this project.

 

 

This article was developed in collaboration with Altech Batteries, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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