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Altech Launches $6m Placement to Advance Diversified Battery Projects

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By Imelda Cotton - 
Altech Batteries ASX ATC $6m Placement Advance Diversified Battery Projects
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Altech Batteries (ASX: ATC) has launched a $6 million share placement to further the progress of its CERENERGY, AMPower and silumina anodes projects.

The capital raising establishes balance sheet flexibility for Altech to execute on a range of near-term milestones including trials of its UPS batteries and initial sales to critical infrastructure customers in Europe, Australia and the US, underpinned by a partnership with global energy solutions company AMPower.

Altech will also use proceeds to fund the large-scale commercial rollout of its 120 megawatt-hours CERENERGY GridPack production facility in Germany, as well as develop a larger 90 kilowatt-hours CERENERGY prototype for the global energy storage market and finalise preliminary assessments of a 4 gigawatt-hours Giga factory for large-scale production.

Promising Battery Technology

Altech’s unique CERENERGY sodium-nickel-chloride battery is seen as one of the industry’s “promising emerging technologies”.

An independent report earlier this year compared the solid-state composition to alternative non-solid-state batteries such as lithium-ion, sodium-sulphur and vanadium flow.

The report was part of Altech’s funding strategy and due diligence plan to commercialise its CERENERGY sodium-chloride batteries, which it is marketing as a game-changing alternative to lithium-ion cells.

Strong Market Interest

Altech managing director Iggy Tan said the strong market interest in its technology had encouraged the company moving forward.

“This capital raise comes at an exciting time for us as we establish a selling, distribution, and installation infrastructure for sodium nickel chloride batteries and move closer to commercialisation of the CERENERGY project,” he said.

The company will issue 133.33 million fully paid ordinary shares priced at $0.045 each, plus one free attaching option for every two shares issued with an exercise price of $0.065 and expiring in October 2028.

Evolution Capital and Alpine Capital acted as joint managers and will receive a combined consideration of 6% of total funds raised plus 60 million options.