Altech Batteries Ltd (ASX:ATC) has received binding commitments for the remaining shares in its recent placement offer, raising $2.538 million in the shortfall part of the capital raise and a total of $15.8 million in funding.
The main claimants to the shortfall shares were major German shareholder Deutsche Balaton Aktiengesellschaft, as well as 180 Markets Pty Ltd and the financial services company’s sophisticated and professional investor clients.
“Altech is pleased with the support for the shortfall,” Altech Batteries chief financial officer Martin Stein said, “The company received a great deal of interest from investors to participate.
“There has been a great deal of interest from the market in the CERENERGY® and Silumina Anodes battery projects.
“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.”
White hot battery market
“In a recent August 2023 report released by McKinsey & Company, the report states that battery energy storage system capacity is likely to quintuple between now and 2030 and states that the battery energy storage system market is expected to grow from $44-$55 billion in 2023 to $120-$150 billion in 2030,” Stein continued.
“Altech is racing to bring its sodium-chloride solid state CERENERGY® battery project to market, and is extremely excited by the potential of this product.”
Read: Altech Batteries releases preliminary specifications for renewable grid storage CERENERGY products
The funds raised will be used for the following:
- CERENERGY® project definitive feasibility study, fabrication of two 60kWh battery prototypes and Fraunhofer joint venture payments.
- Finalise construction and commissioning of the Silumina Anodes pilot plant and the definitive feasibility study for this project.
- Corporate costs and working capital.