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Altech (ASX:ATC) reports “outstanding progress” at CERENERGY® battery project, shares jump

Stock Markets Jan 25, 2023 12:31
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Altech (ASX:ATC) reports “outstanding progress” at CERENERGY® battery project, shares jump
 
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Highlights

  • ATC shares were edging up by over 10% to trade at AU$0.094 in the early hours of 25 January 2023.
  • In the latest update, Altech states that the CERENERGY® battery project has made excellent progress and advancement.
  • Two major expert workshops have been held.
  • Design basis for the 100MWh battery plant has been finalised.
  • The company is in discussions with potential interested offtake parties and is exploring opportunities to support project finance.

Speciality battery technology firm Altech Chemicals Ltd (ASX:ATC) (ASX: ATC and FRA: A3Y) has released an important update concerning its CERENERGY® battery joint venture with Fraunhofer IKTS, a world-leading German battery institute.

Triggered by the update, ATC shares gained over 10% to trade at AU$0.094 in the early hours of 25 January 2023.

In September last year, Altech executed a Joint Venture Shareholders’ Agreement with Fraunhofer to commercialise Fraunhofer’s revolutionary CERENERGY® Sodium Alumina Solid State (SAS) battery. Later in November, Altech unveiled the design and launch of the CERENERGY® SAS 60 KWh battery pack (ABS60) designed for the renewable energy and grid storage market.

The major updates since that time are as follows:

  • Two major expert workshops held
  • Design basis finalised for the 100MWh battery with the production of the 60-kilowatt hour (KWh) ABS60 battery packs amounting to 1,666 packs per annum
  • Appointment of major engineering companies including Leadec and Arikon
  • In terms of marketing, there are ongoing discussions with potential customers interested in the supply of CERENERGY® batteries and the technology
  • To support the project finance, Altech is exploring various grant schemes at the state and federal levels within Germany and the European Union

© 2023 Krish Capital Pty. Ltd., Data and image source: Company update

More to come…

Read more on Kalkine Media

Altech (ASX:ATC) reports “outstanding progress” at CERENERGY® battery project, shares jump
 

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