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Highlights
- Altech Batteries has executed the first offtake agreement for CERENERGY® GridPacks.
- ZISP will purchase 30MWh of energy storage annually for five years, provided in 1MWh GridPacks.
- GridPack deliveries are expected to begin by mid-2027 from a 120MWh plant.
- Final contracts are anticipated to be completed by early 2025, with plans for a scalable energy partnership.
Altech Batteries Limited (ASX:ATC, FRA:A3Y) has achieved a significant milestone by executing its first Letter of Intent (LOI) for the supply of its cutting-edge CERENERGY® GridPacks.
The LOI was signed between Altech Batteries GmbH, a subsidiary of Altech, and Zweckverband Industriepark Schwarze Pumpe (ZISP), a cross-border municipal association in the German states of Spremberg and Spreeta.
Under the LOI, ZISP will buy 30MWh of energy storage capacity annually, which will be provided in the form of 1MWh CERENERGY GridPacks. This agreement covers the initial five years of production. The agreement also includes an option to negotiate additional supply at a later date. The pricing of these batteries is consistent with the assumptions outlined in ATC’s Definitive Feasibility Study.
The purchase is subject to several conditions, including the successful completion of performance tests, adherence to specified battery standards, and GridPacks meeting customer requirements. Delivery of the GridPack is expected to begin by mid-2027, depending on the readiness of the 120MWh plant.
ATC highlighted that both parties would collaborate to establish a business and technical partnership aimed at delivering scalable energy solutions, with final contracts expected to be completed by early 2025.
More
The partnership between ZISP and ABG is timely for Lusatia, a region historically reliant on coal. ZISP oversees the Schwarze Pumpe Industrial Park, managing its infrastructure and energy needs. ABG will use its 8-hectare site within the park to manufacture CERENERGY® solid-state sodium chloride batteries.
Germany's Energiewende initiative and the 2020 legislative mandate to phase out coal place Lusatia at the centre of the country's renewable energy transition. This collaboration supports ZISP’s goal of achieving EU "Zero Valley" certification, positioning Schwarze Pumpe as a model for renewable energy generation and storage.
By combiningAltech’s CERENERGY® GridPack batteries with renewable energy sources such as solar and wind power, the project will help transform Schwarze Pumpe from a coal-reliant industrial park into a renewable energy hub. The scalable battery energy storage system (BESS) will facilitate efficient storage of renewable power, addressing a key challenge in the transition from coal and providing a model that can be replicated in industrial regions across Europe.
ATC raises over AU$6.4mn through entitlement issue
Altech has also released an update on its recent entitlement issue, initially announced on 7 August 2024 and which closed on 10 September 2024. Through the entitlement issue, the company has raised over AU$6.47 million.
The offer saw the issuance of 161,830,134 new shares at a price of AU$0.04 apiece. Along with the shares, shareholders received 80,915,359 free-attaching options, exercisable at $0.06 per share. These options are set to expire on 31 December 2025.
The shares and options will be officially issued and allotted on 17 September 2024.
ATC share price jumped 4% to trade at AU$0.039 apiece at the time of writing on 13 September 2024.
