Altech Batteries Ltd has moved to acquire a total of 75% of the CERENERGY® Project and 100% of the Silumina AnodesTM Project from its subsidiaries via a binding term sheet.
The company will acquire Altech Advanced Materials (AAM) AG’s 25% equity interest in Altech Energy Holdings GmbH (holder of 75% stake in CERENERGY®) and 25% equity interest in Altech Industries Germany GmbH (AIG) (100% holder of Silumina Anodes) including all outstanding shareholder loans owed to AAM.
ATC says its Silumina Anodes project is a “breakthrough in battery material technology”, incorporating high-purity alumina in silicon anodes to improve battery performance.
The CERENERGY® project, meanwhile, is at the forefront of next-generation sodium-chloride battery development, offering a sustainable alternative to conventional lithium-ion technology.
Ownership reshuffle
The remaining 25% stake in CERENERGY® is held by Fraunhofer IKTS, as a joint venture (JV) partner in the project.
In consideration for the acquisitions, Altech will issue about 532 million shares – valued at $23.3 million – to AAM, resulting in the company holding a 21% stake in ATC once the acquisition is complete.
The acquisition will simplify the ownership structure of the two projects, as follows:
Corporate structure before and after acquisitions
Altech says this restructuring will accelerate development and commercialisation of its projects, offering a practical solution to funding challenges experienced by AAM – uncertainty regarding the company’s corporate structure complicated fundraising efforts in Germany.
ATC believes the acquisition will offer greater autonomy to make key investment and operational decisions without requiring external approval, as well as a stronger negotiating position.
The board believes the benefits will include:
- Consolidation of ownership in the Silumina AnodesTM and CERENERGY® projects, enabling streamlined decision-making and project execution
- Improved operational flexibility and efficiency to fast-track commercialisation efforts
- Addressing recent funding challenges faced by AAM and improving capital structure alignment