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Highlights
- Altech has received €1,583,333 as the final instalment for the sale of 25% of Altech Industries Germany (AIG).
- In December 2020, the company finalised the sale of AIG to Altech Advanced Materials AG for €5.0 million.
- The proceeds will be directed towards advancing the company’s battery projects.
Altech Batteries Limited (ASX: ATC, FRA: A3Y) has received the final instalment of deferred consideration for the sale of 25% of its subsidiary Altech Industries Germany GmbH (AIG) to Altech Advanced Materials AG (AMM). The company received €1,583,333 as the final payment.
More on sale of AIG
In December 2020, the company entered into a deal with AAM for the sale of 25% of its Germany-based subsidiary AIG, while retaining the remaining 75% ownership in AIG. The consideration for the transaction was €5.0 million.
ATC received the initial cash consideration of €250,000 after signing the share sale and purchase agreement. The remaining consideration of €4.75 million was payable in three equal instalments of €1.583 million.
Previously, the company had received the first two instalments.
Iggy Tan, Managing Director of Altech, stated that the deferred consideration of €1,583,333 will be employed to advance Silumina AnodesTM battery materials project and CERENERGY® sodium-chloride solid state battery project.
Altech shares traded at AU$0.067 at the time of writing on 8 January 2024.