Full Year Statutory Accounts
Perth, Sep 19, 2020 AEST (ABN Newswire) - The principal activities of Altech Chemicals Ltd (
ASX:ATC) (A3Y:FRA) during the financial year were, the continuation of early works construction activities (stage 1 and stage 2) at its high purity alumina (HPA) plant site in Malaysia, and the continuation of efforts to finalise total project financing for the balance of construction of the HPA plant and the kaolin (aluminous clay) mine at Meckering, Western Australia, which will provide feedstock for the plant.
During the year the Group acquired a 29% equity interest in Frankfurt Stock Exchange listed Youbisheng Green Paper AG, which was subsequently re-named Altech Advanced Materials AG (AAM AG). The Group also incorporated a wholly owned Germany subsidiary (Altech Industries Germany Gmbh) for the purpose of securing an option to purchase an industrial site in Germany, which could be a location for a second HPA plant. An exploration drilling program was also completed during the year at the Group's Kerrigan kaolin exploration project in Western Australia.
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About Altech Batteries Ltd
Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ("Fraunhofer") to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.
The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech's land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.
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