Altech Receives Funds for Sale of 25% AIG
Perth, Jan 8, 2024 AEST (ABN Newswire) - Altech Batteries Limited (
ASX:ATC) (A3Y:FRA) (ALTHF:OTCMKTS) is pleased to advise that it has received the final instalment of Deferred Consideration from Altech Advanced Materials AG (AAM), in relation to the sale of 25% of Altech's subsidiary Altech Industries Germany GmbH (AIG). The amount received is EUR1,583,333.
On 23 December 2020, Altech announced that it had finalised the sale of 25% of its German subsidiary AIG for EUR5.0 million, with the Company to retain ownership of the remaining 75%. The Initial Cash Consideration of EUR250,000 was received upon the signing of the Share Sale and Purchase Agreement, with Deferred Consideration amounting to EUR4.75 million, payable in three equal instalments of EUR1.583 million.
Altech had previously received the first two instalments, with the final instalment of EUR1.583 million now also received.
Managing Director Iggy Tan commented that "We are very pleased with the support of AAM in relation to the acquisition of the 25% of AIG, with AIG being the holder of Altech's Silumina AnodesTM battery materials project. Altech continues with the construction of the Silumina AnodesTM pilot plant on Altech's land in Saxony, Germany, and has recently announced the Definitive Feasibility Study for the full-scale 8,000tpa plant, that includes an impressive NPV(10) of EUR684 million and a payback period of 2.4 years. Altech intends to produce 120kg per day of the Silumina AnodesTM product from the pilot plant, which will then be used to assist in securing an offtake agreement with an end user. Altech already has Non-Disclosure Agreements in place with some of the world's biggest automobile manufacturers. The receipt of the Deferred Consideration for EUR1,583,333 is well received and will be used for advancing Altech's Silumina AnodesTM battery materials project as well as the CERENERGY(R) sodium-chloride solid state battery project".
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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