Altech Batteries Ltd (ASX: ATC) raises $15.8m via a $3.0m Placement and $12.8m Entitlement Offer
Henslow is pleased to have acted as financial advisor to Altech on a $15.8m capital raise by way of a $3.0m Placement and a 1 for 8 Entitlement Offer to raise $12.8m. Funds raised will be used to accelerate commercialisation of Altech’s exciting 100MWh CERENERGY® battery production plant as well as the 10,000tpa Silumina Anodes™ battery materials plant, both of which are located in Germany.
The Entitlement Offer was partially underwritten by Altech’s major German shareholder, Deutsche Balaton Aktiengesellschaft, who agreed to subscribe for $6.7m of the total Entitlement Offer.
Altech’s flagship CERENERGY® battery project is seeking to commercialise a proprietary sodium chloride nickel solid state (SCSS) battery with applicable uses for the European energy grid battery storage market. The technology has already been validated via an established €25m pilot plan in Germany which was built by Altech’s JV partner, Fraunhofer, a leading German government research institute.
Henslow looks forward to Altech’s continued progress over the coming years as grid battery storage increasingly plays a critical role in the energy transition to achieve global green energy targets.