(MENAFN- ABN Newswire) Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is pleased to advise that it has received the first two instalments of Deferred Consideration from Altech Advanced Materials AG (AAM), in relation to the sale of 25% of Altech's subsidiary Altech Industries Germany GmbH (AIG). The amount received is A$5.12 million (EUR3.17 million). The final instalment of A$2.5 million (EUR1.58 million) will be due in December 2023.
On 23 December 2020, Altech sold 25% of its German subsidiary AIG for A$8 million (EUR5.0 million) to Altech Advanced Materials AG (AAM), with ATC retaining ownership of the remaining 75%. The Initial Cash Consideration of A$0.4 million (EUR0.25 million) was received upon the signing of the Share Sale and Purchase Agreement in December 2020, with Deferred Consideration amounting to A$7.6 million (EUR4.75 million), payable in three equal instalments of A$2.5 million (EUR1.58 million). Altech has now received the first two instalments with the final instalment of A$2.5 million (EUR1.58 million) due in December 2023.
Managing director, Iggy Tan welcomed the progress payment from AAM. 'The original objective of establishing AAM on the Frankfurt Stock Exchange in the first place was to attract investment from the European market and establish some local German ownership and presence in our projects. AAM has completed a very successful fundraising program which will support their 25% of the Silumina Anode and Cerenergy Battery projects', he said.
Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ('Fraunhofer') to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.
The joint venture is commercialising its CERENERGY(R) battery, with plans to construct a 100MWh production facility on Altech's land in Saxony, Germany. The facility intends to produce CERENERGY(R) battery modules to provide grid storage solutions to the market.
Altech Chemicals Limited
Email: Martin Stein
Chief Financial Officer
Altech Chemicals Limited
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