Altech Batteries Ltd Stock Market Press Releases and Company Profile
Altech - US$100,000 Share Subscription Completed
Altech - US$100,000 Share Subscription Completed

Perth, July 12, 2017 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) (googlechartASX:ATC) (googlechartA3Y:FRA) is pleased to advise that German engineering firm SMS group GmbH (SMS) has now completed a US$100,000 initial subscription of fully paid ordinary shares of the Company. The share subscription was originally announced on 16 May 2017, when Altech advised of the appointment of SMS as the engineering, procurement and construction (EPC) contractor for the Company's proposed Malaysian high purity alumina (HPA) plant.

Highlights

- Initial subscription of US$100,000 of Altech shares by SMS group

- Demonstrates support and confidence for Altech's HPA project

- Project equity or subordinated debt support at project financial close

SMS is a large privately owned German engineering company with an annual turnover of approximately 3.3 billion Euros. SMS builds turnkey solutions based on innovative plant technology, complete with buildings, infrastructure and auxiliary equipment for processing plants such as Altech's proposed HPA plant. SMS was founded in 1871 and is based in Dusseldorf, Germany with office locations worldwide. SMS has recent EPC contract experience in Malaysia, having successfully completed the Sakura smelting project, in Sarawak.

This initial share subscription by SMS, is in the opinion of the Company, a sound endorsement of its HPA project, especially given SMS's prior experience with the kaolin-HPA hydrogen chloride processing technique that Altech will use in its proposed Malaysian HPA plant.

For the share subscription, Altech has issued 1,162,979 fully paid ordinary shares to SMS at $0.11 per share, the same price paid by shareholders that participated in the Company's recently completed share purchase plan.

Commenting on the share subscription by SMS, Altech managing director Iggy Tan said, "This initial upfront investment in Altech is a very real demonstration of SMS's confidence in the process, project and the Company. It is not common for an EPC contractor to be demonstrating this type of upfront support. In addition, SMS's commitment for additional equity or subordinated debt support at project financial close is also an outstanding indication of its support and confidence of this project. SMS have prior experience with the Company's proposed kaolin to HPA hydrogen chloride acid leaching process, and SMS are amongst the top three users of German government export credit (ECA) facility."


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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