AnteoTech's Quarterly Activities & Cashflow Report highlights key achievements and financial position

AnteoTech Ltd (ASX: $ADO) has released its Appendix 4C - Quarterly Cashflow report and Activities Update for the quarter ended 31 March 2024. The company reported $6.6m Pro Forma cash after capital raising and no debt, with highlights including the completion of the Anteo X production facility construction and a $5.4m Placement to drive near term commercial milestones.

Executive Commentary on AnteoTech's Progress and Future Outlook

The March quarter was an encouraging period as we continue to move forward commercially and position AnteoTech with multiple touch points across the lithium-ion battery sector. Our portfolio strategy is entering an exciting period with projects underway or commencing shortly with a number of companies across the sector. Our ability to service the expected demands of these customers has been bolstered with the completion of our Brisbane production facility which is expected to commence manufacturing of Anteo X in April 2024. The Company is continuing to make good progress in its relationships with EV1 and EV2. Evaluations continue to confirm the potential value of Anteo X as an additive to batteries used in electric cars. Pleasingly, the product has consistently performed in reducing the input costs to the anode, which is now a key consideration for the next generation of EV batteries. Following the end of the quarter we secured $5 million net of fees and expected transaction costs from an equity placement. The placement attracted a number of new institutional investors who support the vision of our clean energy technology business. This funding is critical for us to maintain our speed to market and to enable us to support multiple customers through their validation phase in what is a highly competitive global battery market. We have now opened our share purchase plan targeting $1 million and would encourage all eligible shareholders to consider participating in the SPP offer, which closes on Friday 3 May 2024.

Summary of AnteoTech's Quarterly Activities & Cashflow Report

AnteoTech's Quarterly Activities & Cashflow Report for the quarter ending 31 March 2024 showcases the completion of the Anteo X production facility construction, progress in clean energy and life sciences initiatives, and successful capital raising activities. The company's focus on clean energy technologies, electric vehicle initiatives, consumer electronics programs, and non-dilutive grant funding reflects its commitment to innovation and growth. With a strong financial position and ongoing strategic partnerships, AnteoTech is well-positioned to capitalize on the increasing demand for its products and drive future revenues. The company's efforts in the clean energy and life sciences markets demonstrate its dedication to advancing technology and delivering value to its stakeholders.