On rails to bring its potentially market-disrupting technology to market, Altech Batteries have now raised $13.3 million after closing its entitlement offer, now standing extremely well-funded to advance its ambitions of commercialisation.
Altech’s plans are locked in on two battery facilities on its German territory in Saxony, producing battery packs to meet Europe’s growing demands of renewable energy and grid storage, with a Cerenegy system shown by independent studies to produce half the greenhouse gas emissions of its lithium-ion equivalent.
The company has already confirmed suppliers for the Cerenegy battery plant, bringing in a collection of new partners holding extensive technological and manufacturing expertise as it finalises its designs with a staunch level of support.
Altech Chief Financial Officer Martin Stein said the company was extremely pleased with the level of shareholder backing.
“Directors have also participated in the Offer, and together with the underwriting by major German shareholders Deutsche Balaton and Delphi, this sends a strong message of support for both the CERENERGY and Silumina Anodes battery projects,” Mr Stein said.
“Funds received will be applied to both of these projects, as Altech commercialises the 100MWh CERENERGY battery production plant as well as the 10,000tpa Silumina Anodes battery materials plant, with both projects to be constructed on Altech’s land in Germany,” he added.
“Altech believes that as the world turns to the electrification of energy solutions, these projects are well placed with enormous potential upside. We continue to work hard to maximise these projects for the benefit of all of our loyal shareholders.”
A lithium-free battery
Cerenegy batteries could disrupt the massive lithium-ion industry, potentially presenting a considerably cheaper alternative of a long-life, environmentally resistant grid storage system produced using simple table salt and independent of critical mineral supply chains increasingly becoming a matter of geopolitics.
The Lithium-ion batteries currently dominating the sector are unlikely to do so forever, especially given the high cost of materials, and recent advances in sodium-ion batteries could have the technology hitting the market as soon as this year.
