Altech Batteries (ASX:ATC) has received the final instalment of about €1.583 (A$2.63 million) from Altech Advanced Materials AG (ETR:AMA) in regard to a 25% sale of the former’s subsidiary Altech Industries Germany (AIG).
On 23 December 2020, Altech Batteries, which has a market capitalisation of $114 million, announced it had finalised the 25% sale of its Germany subsidiary for a total consideration of €5 million to Altech Advanced Materials (AAM).
Under the agreement, an initial consideration of €250,000 was received upon signing the share sale and purchase agreement, with a deferred consideration of €4.75 million which was payable in 3 equal instalments.
Altech Batteries is a specialty battery technology company that has a joint venture with German battery institute Fraunhofer IKTS to commercialise the CERENERGY Sodium Alumina Solid State Battery.
Altech Managing Director Iggy Tan says the company is continuing with the construction of Silumina Anodes pilot plant on its land in Saxony, Germany.
Further, Tan adds that the company also recently announced a Definitive Feasibility Study (DFS) for the full-scale 8,000 tonnes per annum (tpa) plant, which includes a net present value (NPV) of €684 million and a payback period of 2.4 years.
“Altech intends to produce 120 kilograms (kg) per day of the Silumina Anodes product from the pilot plant, which will then be used to assist in securing an offtake agreement with an end user.
Altech already has Non-Disclosure Agreements in place with some of the world’s biggest automobile manufacturers.
The receipt of the deferred consideration for €1,583,333 is well received and will be used for advancing Altech’s Silumina Anodes battery materials project, as well as the CERENERGY sodium-chloride solid state battery project.”
As of 30 September 2023, the company had $11.473 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Altech Batteries
