Quarterly Activities Report
Perth, Jan 31, 2018 AEST (ABN Newswire) - Altech Chemicals Ltd (ASX:ATC) provides the Company's Quarterly Activities and Cashflow Report for the period ending 31 December, 2017.
HIGHLIGHTS
German export credit cover decision positive with debt package increased to US$190m
- German project finance export credit cover application approved on 15 December 2017
- Project finance debt package increased to US$190m (from US$185m)
- German government export credit finance cover (ECA) portion of the debt package increased to US$170m (was US$165m)
- ECA covered loan is at long tenure and on highly attractive terms
- US$20m balance of loan at customary lending terms
- Credit approval received from lender KfW IPEX-Bank
A$17m share placement successfully completed
- A$17m share placement to support the next phase of project development
- US$4m (A$5.3m) participation from German EPC contractor SMS group
- A$3m participation from Melewar Group and associates
US$15m of equity support pledged by German EPC contractor SMS group
- SMS commits to total equity support of US$15m
o US$4m (A$5.3m) participation in the A$17m share placement
o US$11m of additional equity support at close of project financing
- Demonstrates confidence and commitment to Altech and its HPA project
Malaysian manufacturing licence lodged
- Manufacturing licence application submitted to Malaysian Investment Development Authority (MIDA)
- Eligible for investment incentive under "Pioneer Status" (5-year tax exemption)
- High technology manufacturing of advanced material
- HPA project represents a RM1.2 billion investment in Malaysia
Positive Final Investment Decision Study (FIDS)
- FIDS well received (announced 23 Oct 2017)
- Based on a proposed 4,500tpa HPA project, positive results included:
- Pre-tax NPV7.5 US$505m
o IRR 22%
o Payback (full rate) 3.9 years
o EBITDA US$76m p.a.
o Capital cost US$298m
To view the full report, please visit:
http://abnnewswire.net/lnk/M3637767
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.
| ||
|