Altech Batteries Ltd (ALTHF) Strategic Direction to Discontinue with AMPower

Perth, Australia (ABN Newswire) - Altech Batteries Limited (ASX:ATC) (FRA:A3Y) (OTCMKTS:ALTHF) advised that, as part of a comprehensive strategic reset by its newly constituted Board of Directors, it has decided that it will discontinue, effective immediately, its partnership with AMPower, the Chinese producer of sodium nickel chloride (SNC) batteries for the uninterrupted power supply (UPS) market.

The Board has determined that the AMPower strategy does not constitute a sufficiently attractive financial return to the Company to compensate for the risk and resources associated with pursuing the AMPower distribution partnership.

Moreover, the Board believes that Altech possesses two genuinely world-class technologies itself in CERENERGY(R) and Silumina Anodes(TM), and it is imperative that the Company now focuses on trying to deliver the full commercial potential of these projects. As previously communicated, the Company is therefore concentrating on finding the right partners to allow commercialisation of these technologies.

About Altech Batteries Ltd:

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.

Source:
Altech Batteries Ltd

Contact:
Daniel Raihani
Managing Director
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com

Martin Stein
Chief Financial Officer
Altech Batteries Limited
Tel: +61-8-6168-1555
Email: info@altechgroup.com