Altech Chemicals (ASX:ATC) renames as Altech Batteries and ASIC confirms official registration

Highlights

• Altech Chemicals has received notification from the Australian Securities & Investments Commission, confirming the registration of the change of name of the company to Altech Batteries Ltd.
• Altech received overwhelming shareholder approval for the name change earlier this week.
• Altech’s ASX ticker will remain the same, ASX: ATC.
• The new name is consistent with Altech’s vision to be a leader within the battery storage future as there has been a global transition to the electrification of energy solutions.
• Altech believes that the new name is beneficial for marketing of its future products.

Altech Chemicals Ltd (ASX:ATC, FSE:A3Y) has received notification from the Australian Securities & Investments Commission (ASIC) that the change of name of the company to Altech Batteries Limited has now been officially registered. On 21 February 2023, Altech had received the shareholder approval for the name change. The ASX ticker will remain as ATC. 

The decision to change the company name is a reflection of Altech’s vision to be at pace with the battery storage future as there has been a global transition to the electrification of energy solutions. The new name ‘Altech Batteries Limited’ is in line with the market segments of all three projects of the Company. Moreover, Altech believes that the new name will be beneficial in terms of marketing of the future products.

Image and data source: ATC 

ATC share price performance

ATC shares traded at AU$0.085 midday on 24 February 2023. The shares have appreciated more than 21% in the last six months. Altec has a market capitalisation of AU$121.27 million.

Image and data source: ATC 

CERENERGY® Batteries Project

The project is part of a JV (joint venture) between Altech and Fraunhofer IKTS, a German battery institute, aimed at commercialisation of CERENERGY® Sodium Alumina Solid State (SAS) Battery. These batteries have a life span of over 15 years and have been designed to be fire and explosion-proof. They can function in extreme cold as well as desert climates.

The joint venture is commercialising its CERENERGY® battery, with plans to construct a 100MWh production facility on Altech’s land in Saxony, Germany.

Silumina Anodes^TM Battery Materials Project
Altech has a proprietary alumina coating technology which has been licenced to Altech Industries Germany GmbH (AIG), ATC’s 75% owned subsidiary. To develop a 10,000tpa silicon/graphite alumina coating plant in Saxony, Germany, AIG has begun a definitive feasibility study. The company intends to supply its Silumina Anodes^TM product to the electric vehicle market in Europe. 

By way of thorough in-house R&D, Altech has built the “silicon code” of incorporating high-capacity silicon into lithium-ion batteries, registered as Silumina Anodes^TM. It has developed a 30% higher energy battery with a better cyclability or battery life. 

HPA Production Project

Altech aims to construct and operate a 4,500tpa high purity alumina (HPA) processing plant at Johor, Malaysia to become a supplier of 99.99% (4N) high purity alumina (Al₂O₃). Also, the company has finalised Stage 1 and Stage 2 construction of the HPA plant. 

For the HPA project, the company has concluded a bankable feasibility study, got approved a senior lender project finance from KfW IPEX-Bank. Also, the company has appointed a German EPC contractor for the construction work at the site.