Altech Batteries Ltd (ASX:ATC, OTC:ALTHF, FRA:A3Y) has received an extension to the financial close deadline attached to a conditional €46.7 million German Government grant for its CERENERGY® Sodium Chloride Solid State battery project in Saxony, Germany.
The German Federal Ministry for Economic Affairs and Energy had extended the deadline for achieving full project financial close from June 30, 2026, to September 30, 2026. The grant approval covers about 30% of eligible project capital expenditure, with funding of up to €46.7 million.
The funding approval was previously granted under Germany’s federal STARK economic development program, which is supported by the Federal Ministry for Economic Affairs and Energy in cooperation with the European Union.
The program is designed to support regions undergoing structural change and help them transition toward an ecologically, economically and socially sustainable future.
The extension gives Altech additional time to complete financial close for the CERENERGY® project, which is being developed as a stationary energy storage solution for the European market.
Safe and sustainable battery technology
CERENERGY® is a sodium-chloride solid-state battery technology being developed by Altech in collaboration with the Fraunhofer Society. The technology offers a safe, sustainable and strategically independent alternative to lithium-ion batteries, with potential application in long-duration stationary energy storage.
Altech said it remained focused on completing financial close and advancing CERENERGY® toward commercial deployment to support safe and sustainable energy storage solutions in Europe.
Funding in and mining rights preserved
Recently, Altech strengthened its working capital position after completing the sale of its Meckering landholding in Western Australia for gross proceeds of $950,000.
The land, held through Altech Meckering Pty Ltd, had been classified as non-core by the board, with settlement of the transaction now finalised.
Importantly, Altech has retained rights to mining lease M70/1334, allowing the company to preserve exposure to the asset while releasing capital from land considered surplus to requirements.
As part of the sale, Altech has entered into an Exploration, Mining, Access, Compensation and Option to Purchase Agreement with the new landowner.
The agreement covers both the land and mining lease M70/1334 and is designed to ensure future mining access is maintained.
Under the agreed terms, any future mining of the lease can continue, while any future owner of the mining lease would also be able to operate a mining operation on the site.
About Altech Batteries
Altech Batteries is a specialty battery technology company working with German battery institute Fraunhofer IKTS to commercialise CERENERGY® Sodium Chloride Solid State batteries.
The batteries are designed to be fire and explosion-proof, have a lifespan of more than 15 years and operate in extreme cold and desert climates. They use table salt and are lithium-free, cobalt-free, graphite-free and copper-free, reducing exposure to critical metal price and supply chain risks.
The joint venture plans to construct a 120MWh production facility on Altech’s land in Saxony, Germany, to produce CERENERGY® battery modules for grid storage markets.