Join our daily newsletter At The Bell to receive exclusive market insights
- Battery metals tech specialist Altech Chemicals (ATC) is set to pocket over $2.1 million after two major shareholders converted 26.5 million listed options
- Deutsche Balaton, Altech’s biggest shareholder, converted 15 million options at eight cents each for $1.2 million, and Delphi Unternehmensberatung converted 11.5 million for $921,000
- Altech Managing Director Iggy Tan says the cash boost comes at a “very exciting” time as the company works to build its Silumina Anodes battery metals project in Germany
- The Silumina Anode material plant is a core part of the company’s strategy to bring its flagship tech to market
- Shares in Altech Chemicals closed grey at 8.4 cents each this afternoon
Battery metals tech specialist Altech Chemicals (ATC) is set to pocket over $2.1 million after two major shareholders converted 26.5 million listed options.
Germany-based Deutsche Balaton, Altech’s biggest shareholder, has officially converted 15 million options at eight cents a pop for $1.2 million. The options were set to expire at the end of May.
Meanwhile, major Altech shareholder Delphi Unternehmensberatung — also based in Germany — has converted 11.5 million for just over $921,000.
Altech Managing Director Iggy Tan said the cash boost came at a “very exciting” time for the company following the announcement of a pre-feasibility study for its Silumina Anodes battery metals project in Germany.
“To have the support of these major shareholders, both domiciled in Germany, at a time when Altech is moving forward with construction of the Silumina Anodes pilot plant in Germany, as well as the definitive feasibility study on the 10,000tpa Silumina Anodes, is very positive,” Mr Tan said.
Altech’s flagship tech is designed to incorporate high-capacity silicon into lithium-ion batteries to create higher-energy batteries with improved cyclability or battery life.
The Silumina Anode material plant is a core part of the company’s strategy to bring this tech to market.
Meanwhile, Altech is also working to supply high-purity alumina from a 4500tpa plant in Johor, Malaysia.
Shares in Altech Chemicals closed grey at 8.4 cents each this afternoon.
