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…
