Altech Batteries (ASX:ATC) receives AU$5.12Mn in new tranche for AIG stake sale

March 13, 2023 04:18 PM AEDT | By Ankit Sethi

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Altech Batteries (ASX:ATC) receives AU$5.12Mn in new tranche for AIG stake sale — Image source: Altech Batteries’ website

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Highlights

Altech, which is developing CERENERGY® batteries with a leading German institute, has updated about latest development in the stake sale of AIG

ATC has now received the initial two instalments of the total Deferred Consideration from AAM, while the final is due in December 2023

Notably, the company is advancing on its plans to build a facility in Germany for the production of CERENERGY® battery modules

Australia's listed battery technology company Altech Batteries (ASX: ATC), also listed on the Frankfurt Stock Exchange (FRA: A3Y), has released an update regarding the company's sale of 25% of its subsidiary Altech Industries Germany GmbH (AIG). Altech Advanced Materials AG (AAM), which is purchasing the stake, has paid the first two instalments.

On the date of this update, Altech's ASX listed shares, under the ticker ATC, were up over 1.2% and trading at AU$0.084 as of writing. Meanwhile, the wider benchmark index, ASX 200, was down on Monday, 13 March 2023.

More on the development

In late 2020, Altech Batteries signed a Share Sale and Purchase Agreement to undertake the sale of its German subsidiary Altech Industries Germany GmbH. Altech Advanced Materials AG is the buyer of the 25% stake sold by ATC, while the latter would continue to retain the remaining 75% of its ownership in AIG.

At that time, ATC had received partial consideration of AU$0.4 million, out of the total purchase price of AU$8 million from AAM. It was further agreed that the remaining amount of AU$7.6 million shall be paid by AAM in three equal instalments (AU$2.5 million each).

Now, AAM has paid to ATC the first two instalments (amounting to AU$5.12 million) of the total Deferred Consideration, while the last instalment would become due in December this year.

Data source: ATC ASX update dated 13 March 2023

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