Altech Batteries raises $6.5M in to support battery projects

Altech Batteries (ASX:ATC) closed its entitlement issue on Sept. 10, securing proceeds totalling $6.5 million.

The funds were raised through the issuance of 161,830,134 shares priced at 4 cents per share and 80,915,359 free-attaching options that have an exercise price of 6 cents and will expire on Dec. 31, 2025.

Shares and options resulting from the entitlement issue will be issued and allotted on Sept. 17, and an application for their quotation on the ASX will be made on the same day, the company confirmed.

Altech's CEO and Managing Director, Iggy Tan, stated,  "On behalf of the board of directors, I wish to thank all eligible shareholders that participated in the entitlement issue and for the support extended to Altech as it moves forward with both its CERENERGY Battery Project as well as Silumina AnodesTM Battery Materials Project."

Tan further highlighted the significance of the partial underwriting of the entitlement issue by MAA Group Berhad, an existing shareholder associated with Altech Director Tunku Yaacob Khyra.

He stated, "The partial underwriting of the entitlement issue for $5 million by MAA Group Berhad sends a strong message of support."

The development follows the positive release of a definitive feasibility study for the 120MWh CERENERGY Battery Project in March.

The company is now highly focused on securing offtake agreements and financing to begin plant construction.

Altech Batteries is a specialty battery technology company. It has a joint venture agreement with the German battery institute Fraunhofer IKTS to commercialise the CERENERGY Sodium Chloride Solid State Battery.

At the time of reporting, Altech Batteries’ share price was $0.04.