Altech (ASX:ATC) reports “outstanding progress” at CERENERGY® battery project, shares jump

January 25, 2023 12:00 PM AEDT | By Aditi Sarkar

Altech (ASX:ATC) reports “outstanding progress” at CERENERGY® battery project, shares jump — Image source: Company update

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Highlights

ATC shares were edging up by over 10% to trade at AU$0.094 in the early hours of 25 January 2023.

In the latest update, Altech states that the CERENERGY® battery project has made excellent progress and advancement.

Two major expert workshops have been held.

Design basis for the 100MWh battery plant has been finalised.

The company is in discussions with potential interested offtake parties and is exploring opportunities to support project finance.

Speciality battery technology firm Altech Chemicals (ASX: ATC and FRA: A3Y) has released an important update concerning its CERENERGY® battery joint venture with Fraunhofer IKTS, a world-leading German battery institute.

Triggered by the update, ATC shares gained over 10% to trade at AU$0.094 in the early hours of 25 January 2023.

In September last year, Altech executed a Joint Venture Shareholders’ Agreement with Fraunhofer to commercialise Fraunhofer’s revolutionary CERENERGY® Sodium Alumina Solid State (SAS) battery. Later in November, Altech unveiled the design and launch of the CERENERGY® SAS 60 KWh battery pack (ABS60) designed for the renewable energy and grid storage market.

The major updates since that time are as follows:

Two major expert workshops held
Design basis finalised for the 100MWh battery with the production of the 60-kilowatt hour (KWh) ABS60 battery packs amounting to 1,666 packs per annum
Appointment of major engineering companies including Leadec and Arikon
In terms of marketing, there are ongoing discussions with potential customers interested in the supply of CERENERGY® batteries and the technology
To support the project finance, Altech is exploring various grant schemes at the state and federal levels within Germany and the European Union

More to come…

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