Quarterly Activities Report
Perth, Jan 30, 2024 AEST (ABN Newswire) - Altech Batteries Ltd (
ASX:ATC) (A3Y:FRA) (ALTHF:OTCMKTS) 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 was 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 TM Anodes battery materials project. Altech continues with the TM construction of the Silumina Anodes 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 of EUR684 million and a payback (10) period of 2.4 years. Altech intends to produce 120kg per day of TM the Silumina Anodes 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 TM Altech's Silumina Anodes battery materials project as well as (R) the CERENERGY sodium-chloride solid state battery project".
Highlights:
Funds Received for Sale of 25% of Altech Industries Germany
- Final instalment received of EUR1,583,333 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)
Outstanding DFS Silumina Anodes Battery Materials Project
- Highly positive Definitive Feasibility Study (DFS) - 8,000tpa Silumina Anodes project
- 8,000 tpa alumina-coated metallurgical silicon only
- Customers to blend coated silicon (10%) with their uncoated graphite source
- Means expansion from 15 gigawatt-hours (GWh) to 120 gigawatt-hours (GWh)
- Increase of battery energy density by at least 30%
- Capital cost estimated at EUR112 million with outstanding economics
- Pre-tax Net Present Value (NPV10) of EUR684 million
- Attractive Internal Rate of Return (IRR) of 34%
- Payback period is 2.4 years
- Forecast 18% CAGR growth of silicon in battery anodes till 2035
- Green accredited project using renewable energy
- Pilot plant construction in final stages for product qualification
- NDAs executed with two German automakers, two US automakers, one US battery materials supply company and one European battery maker
Silumina Anodes Project DFS Expands Output 8-Fold to 120GWH
- Expanded the Silumina Project DFS output by eightfold
- 15 gigawatt-hours (GWh) to 120 GWh
- To produce 8,000 tpa alumina-coated metallurgical silicon only
- No change to plant and equipment used
- Customers to blend coated silicon (10%) with their uncoated graphite source
- Increase of battery energy density by at least 30%
- Potential reduction of graphite usage for potential customers
- China graphite export restrictions causing concerns
- Increased output meets long-term silicon anode demands
CERENERGY Battery Project Upgraded to 120MWh
- Annual output will now reach 120 1MWh GridPacks per annum
- GridPack stacking allows triple stacking with a simple electrical connection
- Small footprint conserving valuable land area
- Minimal maintenance required for GridPacks
Optimised Design of CERENERGY Battery Packs Completed for DFS
- Optimised design of 60 KWh battery pack completed
- Sleek stainless-steel exterior - maintains finish in all weather conditions
- Battery base incorporates high-temperature-resistant electrical cables
- Upgraded design to cell connector plates using mica insulation
- Two working prototype 60 KWh batteries in full production
- First stainless-steel battery case delivered - undergoing heat loss testing
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/41EP9CT7
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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