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Altech raises funds for German battery plans

17th July 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Battery technology company Altech Batteries has announced plans to raise A$15.8-million in a share placement and pro-rata entitlement offer to fund its CERENERGY and Silumina anode projects in Germany.

The capital raise will consist of a single tranche placement of more than 42.85-million shares, at a price of 7c each, raising A$3-million from sophisticated and professional investors.

The company will also undertake a partially underwritten non-renounceable one-for-eight entitlement offer, also priced at 7c a share, to raise a further A$12.8-million. The entitlement offer will open on July 21 and close on August 4.

“We are delighted with the outcome of the capital raising. Altech’s major shareholders, Deutsche Balaton Aktiengesellschaft and Delphi Unternehmensberatung Aktiengesellschaft, have agreed to partially underwrite the entitlement offer for $6.7-million,” said Altech MD Iggy Tan.

“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 100 MWh CERENERGY battery project, as well as near completion of our Silumina anodes pilot plant.”

Funding would go towards the definitive feasibility study for the CERENERGY project, as well as the fabrication of two 60 kWh battery prototypes and Fraunhofer joint venture payments, as well as to finalising the construction and commissioning of the Silumina anodes pilot plant and the definitive feasibility study for this project.

Edited by Creamer Media Reporter

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