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- Altech Batteries (ATC) receives the first two payments for the sale of 25 per cent of its German subsidiary, Altech Industries (AIG)
- Altech Advanced Materials paid ATC $5.12 million, completing the first two of three instalments that make up the $8 million price tag
- ATC received an initial $400,000 payment upon signing a share sale and purchase agreement back in 2020, and the final $2.5 million is due by the end of this year
- The remaining 75 per cent of the German business will be retained by Altech Batteries
- Shares in Altech Batteries are up 2.4 per cent and trading at 8.5 cents at market close on Monday
Altech Batteries (ATC) has received the first two payments for the sale of 25 per cent of its German subsidiary, Altech Industries (AIG).
Altech Advanced Materials paid ATC $5.12 million, making up the first two of three instalments of deferred consideration for a stake in the German business.
The final $2.5 million is due by the end of this year, completing the $8 million sale.
Altech Batteries will retain ownership of the remaining 75 per cent interest in AIG, which has begun a definitive feasibility study for the development of a 10,000-tonne-per-annum silicon and graphite alumina coating plant in Germany.
The aim of this plant is to supply the company’s Silumina Anode product to the European electric vehicle market.
ATC Managing Director Iggy Tan welcomed the progress payment from AAM.
“The original objective of establishing AAM on the Frankfurt Stock Exchange in the first place was to attract investment from the European market and establish some local German ownership and presence in our projects,” Mr Tan said.
“AAM has completed a very successful fundraising program which will support their 25 per cent of the Silumina Anode and Cerenergy Battery projects.”
ATC received an initial $400,000 upon signing the share sale and purchase agreement back in December 2020.
Shares in Altech Batteries were up 2.4 per cent and trading at 8.5 cents at market close on Monday.
