Altech Batteries have raised $15.8 million, filling a $2.53M shortfall to develop its unique CERENERGY and Silumina Anodes battery projects.
According to McKinsey & Company, battery energy storage system capacity is set to quintuple between now and 2030. The massive leap in power could set the battery energy storage system market on fire, growing from $55 billion in 2023 to $120-$150 billion in 2030.
Altech is racing to bring its sodium-chloride solid-state CERENERGY battery project to market and is highly excited by the potential of this product.
The 11th-hour funding support from major German shareholder Deutsche Balaton Aktiengesellschaft, as well as from 180 Markets Pty Ltd, for a total of 36,257,139 shares at $0.07 per share will be issued to sophisticated and professional investor clients of 180 Markets Pty Ltd.
Subject to the funds being received, Altech intends to issue all shares on Wednesday, 16 August 2023.
“Altech is pleased with the support for the shortfall. The Company received a great deal of interest from investors to participate,” Chief Financial Officer Martin Stein said.
“Total proceeds have now been raised of $15,838,208, including $3,000,000 from the recent placement, as well as the allocation of $12,838,208 from the Entitlement Offer and shortfall.
“We believe that the market is becoming more aware of the enormous potential upside to these projects, as well as the ability and reputation of world-leading German government research and development institute Fraunhofer, Altech’s joint venture partner in the CERENERGY battery project.”
