Altech Batteries (ASX:ATC) has appointed corporate advisory firm KPMG to assist in securing finance to build the 120-megawatts-per-hour (MWh) CERENERGY battery plant in Germany.
KPMG will act as the company’s financial advisor on potential financing transactions, and will provide assistance on public grants and subsidies.
Altech, which has a market capitalisation of $94 million, says it is moving forward to secure sales offtake for the project and sourcing finance to construct the plant.
CFO Martin Stein says CERENERGY has the potential to be revolutionary as the world transitions to renewable energy.
“Altech has the worldwide rights to manufacture, licence, and distribute the battery globally,” he says.
“In appointing KPMG with its global network, strong reputation and credibility, Altech believes that KPMG will greatly assist with the financing process for its 120MWh CERENERGY battery plant in Germany and will strengthen Altech’s position in securing the finance required.”
Altech says its CERENERGY batteries are fire and explosion proof, with a 15-year life span, and can operate in extreme climates. The battery technology uses table salt and is lithium-free, cobalt-free, graphite-free, and copper-free, thereby eliminating exposure to critical metal price rises and supply chain concerns.
Altech Batteries will be presenting at the upcoming Vertical Events 2024 Gold Coast Investment Showcase, being held on 19 and 20 June at the JW Marriott Gold Coast Resort & Spa, Queensland.
Mining.com.au is a media partner of this year’s event. To register for free click here.
Write to Aaliyah Rogan at Mining.com.au
Images: Altech Batteries
