Altech Batteries’ (ASX:ATC) pro-rata non-renounceable entitlement offer closes at 5pm AEST Friday 4 August 2023.
The entitlement offer is for one new fully paid ordinary share in the company for every 8 shares held by eligible shareholders at an issue price of $0.07 per share to raise up to just about $12.86 million.
The $107.28 million market caopitalisation company says the minimum subscription is $6.7 million, being the partially underwritten amount of the offer.
This entitlement offer is partially underwritten by Germany-based Deutsche Balaton Aktiengesellschaft and Delphi Unternehmensberatung Aktiengesellschaft.
Part of the funds raised will be deployed towards the company’s CERENERGY Project, as well as its Silumina Anodes Project.
Altech is a specialty battery technology company that has a joint venture agreement with world German battery institute Fraunhofer IKTS to commercialise the ‘revolutionary’ CERENERGY Sodium Alumina Solid State (SAS) Battery.
CERENERGY batteries are an alternative to lithium-ion batteries. They 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 free of lithium, cobalt, graphite, and copper.
The JV has plans to construct a 100MWh production facility on Altech’s land in Saxony, Germany. The facility intends to produce CERENERGY battery modules to provide grid storage solutions to the market.
Write to Adam Orlando at Mining.com.au
Images: Altech Batteries Ltd