Altech Batteries (ASX:ATC) announced on Tuesday its successful share purchase plan, raising $3.7M to progress its European lithium plans.
The company received applications for some 57.24M shares at 6.5cps and 28.6M free-attaching options exercisable at 8cps on 30 April 2026.
“On behalf of the Board of Directors, I wish to thank all eligible shareholders that participated in the SPP and for the support extended to Altech as it moves forward with both its CERENERGY battery project as well as Silumina Anodes battery materials project,” Altech chief Iggy Tan said.
CERENERGY refers to Altech’s development of modular energy storage batteries using a superior tech compared to lithium-ion, whereas Silumina Anodes relates to Altech’s development of silicon-based anode material for batteries.
“I am also cognisant of the market’s expectation in relation to the fabrication of the two 60KWh CERENERGY battery prototypes as well as the commissioning of the Silumina Anodes pilot plant, and funds received from the SPP will be applied towards this,” Tan added.
“With the positive Definitive Feasibility Study and excellent economics for the 120MWh CERENERGY battery project having been recently released in March 2024, Altech is also focused on securing offtake as well as finance to commence plant construction.”
ATC last traded at 6.2cps.