- Altech Batteries (ATC) will offer up 226.5 million fully paid ordinary shares in the company at an issue price of 7 cents
- Funds will go towards Definitive Feasilbity Studies for two CERENERGY grid storage batteries
- A study will also be launched for the Silumina Anodes plant
- Funds will also be used to pay JV costs with German battery laboratory Fraunhofer, and, general corporate costs
- Altech shares closed flat on Friday trading at 9.6 cents
Lithium-ion battery disruptor Altech Batteries (ATC) is tapping investors for almost $16 million, through two raising pathways, to further development of its patent CERENERGY and Silumina anodes battery tech.
The company will raise $3 million in a placement to sophisticated and professional investors, and a $12.8 million raise via a pro-rata entitlement offer to eligible and existing shareholders.
Altech will offer up 226.5 million fully paid ordinary shares at an issue price of seven cents.
“We are delighted … Altech’s major shareholders, Deutsche Balaton Aktiengesellschaft and Delphi Unternehmensberatung Aktiengesellschaft, have agreed to partially underwrite the Entitlement Offer for $6,700,000,” Altech Managing Director Iggy Tan said.
“The capital raising has come at an exciting time for Altech, as we progress with the commercialisation of the 100-megawatt CERENERGY battery project, as well as near completion of our Silumina Anodes pilot plant.”
Both the CERENERY and Silumina anodes offerings from the company aim to enhance the efficiency of batteries not based on lithium, as well as building them outright.
Specifically, the $15.8 million will go towards a definitive feasibility study (DFS) for the fabrication of two CERENERGY 60 Kilowatt hour battery prototypes, and to launch a DFS for its Silumina anodes pilot plant.
Funds will also be used to pay Joint Venture costs with German battery laboratory Fraunhofer, and general corporate costs.
Altech shares closed flat on Friday trading at 9.6 cents.