Altech (ASX:ATC) reports “outstanding progress” at CERENERGY® battery project, shares jump
Kalkine Media
Published Jan 25, 2023 23:00
Altech (ASX:ATC) reports “outstanding progress” at CERENERGY® battery project, shares jump
Highlights
- ATC shares were edging up by over 10% to trade at AU$0.094 in the early hours of 25 January 2023.
- In the latest update, Altech states that the CERENERGY® battery project has made excellent progress and advancement.
- Two major expert workshops have been held.
- Design basis for the 100MWh battery plant has been finalised.
- The company is in discussions with potential interested offtake parties and is exploring opportunities to support project finance.
Speciality battery technology firm Altech Chemicals Ltd (ASX:ATC) (ASX: ATC and FRA: A3Y) has released an important update concerning its CERENERGY® battery joint venture with Fraunhofer IKTS, a world-leading German battery institute.
Triggered by the update, ATC shares gained over 10% to trade at AU$0.094 in the early hours of 25 January 2023.
In September last year, Altech executed a Joint Venture Shareholders’ Agreement with Fraunhofer to commercialise Fraunhofer’s revolutionary CERENERGY® Sodium Alumina Solid State (SAS) battery. Later in November, Altech unveiled the design and launch of the CERENERGY® SAS 60 KWh battery pack (ABS60) designed for the renewable energy and grid storage market.
The major updates since that time are as follows:
- Two major expert workshops held
- Design basis finalised for the 100MWh battery with the production of the 60-kilowatt hour (KWh) ABS60 battery packs amounting to 1,666 packs per annum
- Appointment of major engineering companies including Leadec and Arikon
- In terms of marketing, there are ongoing discussions with potential customers interested in the supply of CERENERGY® batteries and the technology
- To support the project finance, Altech is exploring various grant schemes at the state and federal levels within Germany and the European Union
© 2023 Krish Capital Pty. Ltd., Data and image source: Company update
More to come…
Read more on Kalkine Media
Get The App
Written By: Kalkine Media
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.