Altech Batteries Ltd Stock Market Press Releases and Company Profile
HPA Project Due Diligence at an Advanced Stage
HPA Project Due Diligence at an Advanced Stage

Perth, Feb 6, 2017 AEST (ABN Newswire) - Altech Chemicals Limited (googlechartASX:ATC) (Altech/the Company) is pleased to provide an update on the due diligence activities associated with the financing of its proposed high purity alumina (HPA) project. The various independent reviews and associated confirmatory pilot plant test work are now well advanced and nearing completion.

Highlights

- Debt due diligence at an advanced stage

- Confirmatory pilot plant test work in South Africa, Australia and Germany

- HPA market study completed

- Technical due diligence at an advanced stage

- Permitting in Malaysia and Australia progressed

Altech has been working exclusively with German KfW IPEX-Bank on project finance structuring. The Company is currently targeting US$70 million of project debt; the majority of which is aimed to be subject to German export credit cover (ECA), typically offered at attractive interest rates and terms; the remainder is expected to be available on normal commercial loan terms.

On 10 August 2016 the appointment of due diligence consultants by Altech and KfW IPEX-Bank was announced. The consultants are engaged to undertake definitive technical, market and legal reviews of the Company's HPA project, with an independent "expert opinion" report presented at the conclusion of the reviews for the benefit of the ECA.

The due diligence consultants completed site visits to Meckering, Fremantle and Perth, Western Australia and to Johor, Malaysia in early August 2016 and their respective initial reviews did not identify any major flaws in the HPA project. However various pilot plant confirmatory test work programs were requested and detailed audits initiated accordingly. The test work programs and audits are now well advanced.

Commenting on the due diligence activities, Altech managing director Iggy Tan said, "The last five months have been extremely busy for the Company as we worked with the various due diligence consultants to complete confirmatory pilot plant test work and respond to a large number of detailed information requests.

To view the release, please visit:
http://abnnewswire.net/lnk/BY19IWP6


About Altech Batteries Ltd

Altech Chemical Ltd ASX:ATCAltech 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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Contact

Corporate
Iggy Tan
Managing Director
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com

Martin Stein
Chief Financial Officer
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com



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