Altech Batteries (ASX:ATC) has released an update on the funding for its CERENERGY® sodium-chloride solid-state battery project in Saxony, Germany. The company is actively working to secure finance through debt, equity, and grants to support the construction of a 120MWh battery manufacturing plant.
Altech Batteries is progressing with its plan to finance the CERENERGY® battery manufacturing plant in Saxony, Germany. The company has reached out to several commercial banks and venture debt funds to secure debt funding, receiving positive feedback. An Offtake Letter of Intent with ZISP has been signed, supporting the project's financing process. Altech is also exploring equity funding by potentially selling a minority interest to strategic investors. The CERENERGY® batteries offer a sustainable alternative to lithium-ion batteries, boasting a long lifespan and the ability to operate in extreme conditions. Additionally, Altech is advancing its Silumina Anodes™ project, which has received green accreditation. The company is focused on finalizing the financing package to ensure timely construction and commissioning of the battery plant.
CEO and MD Iggy Tan emphasized the complexity of the funding stage and the progress in both debt and equity discussions. He noted the strong interest from European banks and potential equity partners.