Altech Appoints of KPMG as Adviser
Melbourne, June 17, 2024 AEST (ABN Newswire) - Altech Batteries Limited (
ASX:ATC) (A3Y:FRA) (ALTHF:OTCMKTS) is pleased to announce that it has appointed global corporate advisory firm KPMG to assist in securing finance to construct the 120MWh CERENERGY(R) battery plant in Germany.
Highlights
- International advisory firm KPMG appointed to act as finance advisors
- Financing of the 120MWh CERENERGY(R) battery project in Germany
- KPMG has a global presence with advisory experts in 143 countries
- KPMG will assist in global outreach for CERENERGY(R) battery project finance
- All financing options to be considered
- Including project equity, green bonds, grants and subsidies
This follows the recent announcement of the Definitive Feasibility Study in relation to the project. KPMG will be financial adviser to the Company on potential financing transactions and provide service on public grant/subsidies programs. Altech is moving forward to obtain sales offtake for the project and sourcing finance to construct the plant.
Commenting on the appointment, Altech's Chief Financial Officer Martin Stein stated "Altech has battery technology in CERENERGY(R) that has the potential to be revolutionary as the world transitions to a renewable energy future. Altech has the worldwide rights to manufacture, license and distribute the battery globally. In appointing KPMG with its global network, strong reputation and credibility, Altech believes that KPMG will greatly assist with the financing process for its 120MWh CERENERGY(R) battery plant in Germany and will strengthen Altech's position in securing the finance required".
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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