BlackEarth Minerals NL (ASX: BEM) (the Company or BlackEarth) is pleased to announce it has received further outstanding assay results from its Razafy Northwest (NW) diamond drilling at its 100% owned Maniry Graphite Project in Southern Madagascar.
Highlights
- 22.3m at 8.14% TGC incl. 10m at 11.36% TGC (MNDD118)
- 38.25m at 6.45% TGC incl. 8.1m at 10.16% TGC (MNDD130)
- 13.8m at 13.98% TGC incl. 8m at 18.60% TGC (MNDD130)
- 35.95m at 8.18% TGC (MNDD134)
Figure 1: Razafy North West – Drilling Cross-section (A-B)
The assays received to date from Razafy NW, have confirmed the continuity not only of the graphite mineralisation at depth and along strike but also the high grade nature of the Resource. As a result the Board believes it is advantageous to integrate the Razafy NW area into the DFS as “initial priority feed”.
Applications have been sent to the Madagascan Mining authorities to expand the current mining license (ML 5394) to include a broader area including the Razafy NW Resource. The key benefits of this approach will be to:
In order to integrate the Razafy NW material into the current DFS, the Study is now likely to be completed in October 2022. As part of current Study activities, an updated Razafy Resource will be released to the market shortly.
Commenting on these results, BlackEarth Managing Director, Tom Revy, said:
“The current and expanding data base on the Razafy NW area has certainly surpassed our initial expectations; exploration activities are continuing in the area.
Our new approach to accelerate its development as part of the current DFS is a critical component towards ultimately achieving Project development finance.”
Map 1: Drill collars and drill traces for Razafy NW. Map grid = 250 m x 250 m, north at top of map Location of Section A-B highlighted on Map (refer Figure 1)
Map 2: Maniry Graphite Project Area
Competent Person’s Statement
The information in this statement that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Jannie Leeuwner – BSc (Hons) Pr.Sci.Nat. MGSSA and is a full-time employee of Vato Consulting LLC. Mr. Leeuwner is a registered Professional Natural Scientist (Pr.Sci.Nat. - 400155/13) with the South African Council for Natural Scientific Professional (SACNASP). Mr. Leeuwner has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and the activity being undertaken to qualify as a Competent Person as defined in the Note for Mining Oil & Gas Companies, June 2009, of the London Stock Exchange and the 2012 Edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr. Leeuwner consents to the inclusion of the information in this release in the form and context in which it appears.
Forward Looking Statements
Some of the statements appearing in this announcement may be in the nature of forward looking statements. You should be aware that such statements are only predictions and are subject to inherent risks and uncertainties. Those risks and uncertainties include factors and risks specific to the industries in which BlackEarth operates and proposes to operate as well as general economic conditions, prevailing exchange rates and interest rates and conditions in the financial markets, among other things. Actual events or results may differ materially from the events or results expressed or implied in any forward-looking statement.
No forward looking statement is a guarantee or representation as to future performance or any other future matters, which will be influenced by a number of factors and subject to various uncertainties and contingencies, many of which will be outside the Company’s control.
The Company does not undertake any obligation to update publicly or release any revisions to these forward- looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of the Company’s Directors, employees, advisors or agents, nor any other person, accepts any liability for any loss arising from the use of the information contained in this announcement. You are cautioned not to place undue reliance on any forward-looking statement. The forward- looking statements in this announcement reflect views held only as at the date of this announcement.
This announcement is not an offer, invitation or recommendation to subscribe for, or purchase securities by the Company. Nor does this announcement constitute investment or financial product advice (nor tax, accounting or legal advice) and is not intended to be used for the basis of making an investment decision. Investors should obtain their own advice before making any investment decision.
Click here for the full ASX Release
This article includes content from Black Earth, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
» Agreement setting out the significant participation of the Manawan Atikamekw to responsibly develop graphite in the Nitaskinan in a way that respects the environment and provides direct benefits to the community.
» Enhanced collaboration on aspects related to Atikamekw culture, the environment, training, employment, business opportunities, and financial benefits.
» Agreement signed following a community consultation process.
» Commitment to a long-term, mutually beneficial relationship of trust based on respect, inclusion, sustainability and responsibility.
The Conseil des Atikamekw de Manawan, representing the Atikamekw Nehirowisiw First Nation of Manawan (the "Manawan Atikamekw"), and Nouveau Monde Graphite Inc. ("NMG" or the "Company") ( NYSE: NMG , TSXV: NOU ) are proud to announce that they have signed an impact benefit agreement covering the Matawinie mining project, which is located on the Nitaskinan. With this agreement, the Manawan Atikamekw give their consent to the Matawinie mining project, which aims to responsibly valorize graphite by NMG, in a way that respects the environment and provides direct benefits to the First Nation.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241212603280/en/
Chief Sipi Flamand and President and CEO Eric Desaulniers mark the signing of the agreement in Manawan. (Photo: Business Wire)
Sipi Flamand, Chief of the Manawan Atikamekw, stated: "This agreement is aligned with our desire to generate value from our Nitaskinan while creating concrete opportunities for our community and our members. It reflects an appropriate balance between a recognition of our values and our culture, respect for our environment, and improved quality of life for the Manawan population. Together with our partner Nouveau Monde Graphite, we are shaping the direction of a long-term collaboration that is in keeping with our values."
Eric Desaulniers, Founder, President and CEO of NMG, stated: "Mikwetc e tapweritamekw anihe ka ki masinahotisowiekw, ni nakasinan tapickotc kitci otamirotaikw otci ‘Matawinie Mine,' kitci mackowarik opimatisiwiniwaw ke pe ocki nitawikitcik. I would like to thank the Manawan community and their leaders for their trust, which is reflected in this agreement. This is a significant milestone, and Team Nouveau Monde is eager to develop the Matawinie Mine together with the community to create a sustainable future for generations to come. This partnership also promises positive benefits for both Manawan and our project in terms of environmental management, labor, and business partnerships."
Glenn Dubé, councillor at the Atikamekw Council of Manawan, said: "It is a pleasure to announce the signing of this agreement. Having steered this file during my two mandates, I am proud of the progress made and the sincere collaboration that marked this process. I look forward to what lies ahead with renewed optimism, convinced that we will continue to move forward together along this path of mutual respect and trust."
On the basis of the two agreements already signed between the Manawan Atikamekw and NMG, the impact benefit agreement went through an exhaustive negotiation and consultation process to ensure that the interests and concerns of the First Nation were taken into account. The agreement includes provisions for the Manawan Atikamekw to take part in the project's environmental management and monitoring, the implementation of adapted and preferential training and employability measures, the promotion of business opportunities during the mine's construction and operations, as well as the recognition of Atikamekw culture and the inclusion of cultural safety measures. The agreement also sets out the sharing of financial benefits from NMG's graphite development operations.
The Manawan Atikamekw and NMG will soon launch a joint working committee to ensure the agreement is implemented in an effective and cooperative manner.
About the Manawan Atikamekw
The Manawan Atikamekw have lived on, occupied and protected their Nitaskinan since time immemorial. They have ancestral rights, including ancestral title, to the Manawan Nitaskinan and have always managed and protected their Nitaskinan according to their customs, practices and traditions. The community of Manawan is located approximately 72 km north of Saint-Michel-des-Saints in Matawinie, in Québec's Lanaudière region. The Manawan Atikamekw community is represented by the Conseil des Atikamekw de Manawan (CDAM). The CDAM defends the rights of the Manawan Atikamekw and coordinates with the Manawan territory chiefs to advance the territorial interests of Atikamekw families as per traditional Atikamekw customs.
About Nouveau Monde Graphite
Nouveau Monde Graphite is an integrated company developing responsible mining and advanced manufacturing operations to supply the global economy with carbon-neutral active anode material to power EV and renewable energy storage systems. The Company is developing a fully integrated ore-to-battery-material source of graphite-based active anode material in Québec, Canada. With enviable ESG standards and structuring partnerships with anchor customers, NMG is set to become a strategic supplier to the world's leading lithium-ion battery and EV manufacturers, providing high-performing and reliable advanced materials while promoting sustainability and supply chain traceability. www.NMG.com
Subscribe to our news feed: https://bit.ly/3UDrY3X
Cautionary Note
Certain statements contained in this press release constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking statements"), including, but not limited to, statements relating to future events or future financial or operating performance of the Company and reflect management's expectations and assumptions regarding the Company's growth, results, performance, and business prospects and opportunities. Such statements reflect management's current beliefs and are based on information currently available to it. Such forward-looking statements include but are not limited to statements regarding the repercussions, benefits and spin-offs of the partnership between the Manawan Atikamekw and NMG, including those related to the environmental management plan, labour and business partnerships, the effective implementation of a joint working committee to oversee the application of the agreement, the projections about future operations, the future engagement and potential economic benefits for the region, and the capacity of NMG to establish a fully integrated supply chain for active anode material from graphite in Québec, to become a strategic supplier for the world's main manufacturers of lithium-ion batteries for electric vehicles, and to provide high-performance and reliable advanced materials while ensuring the sustainability and traceability of the supply chain, as well as the intended results of the initiatives described in this press release and those statements which are discussed under the "About the Manawan Atikamekw" and "About Nouveau Monde Graphite" paragraphs and elsewhere in the press release which describe the Company's outlook and objectives and the agreement with the Manawan Atikamekw.
Forward-looking statements are based on reasonable assumptions that have been made by the Company as at the date of such statements and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by these forward-looking statements, including but not limited to general economic and commercial conditions, the actual results of current development, engineering and planning activities, access to capital and future prices of graphite, the inherent risks of mining development activities, the speculative nature of mining development, changes in mineral production output, the uncertainty of processing the Company's technology on a commercial basis, development and production timeframes, competition and market-related risks, price pressure, other risks related to the mining industry, and engineering analyses and other requirements to fully evaluate their impact, the fact that some initiatives described in this press release are still in the preliminary phase and may not materialize, business continuity and crisis management, political instability, and international conflicts. A further description of risks and uncertainties can be found in NMG's Annual Information Form dated March 27, 2024, including in the section thereof captioned "Risk Factors," which is available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov . Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.
There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements in this press release in the case of new information, future events, or for any other reasons, except to the extent required by applicable law.
The market and industry data contained in this press release is based upon information from third parties and from independent industry reports, publications, web sites, and other publicly available sources of information as well as data on the industry and other data prepared by or for the Company based on its knowledge of the markets in which it operates, including but not limited to information obtained from suppliers, partners, clients and other industry stakeholders. The Company believes that the data on markets and economic data cited in this press release to be accurate as of the date of publication of this press release and, in relation to the data prepared by or for the Company, that these estimates and assumptions are currently appropriate and reasonable but that the accuracy and completeness of such data are not guaranteed. The accuracy and completeness of the market and economic data presented in this press release are not guaranteed and the Company does not make any representation as to the accuracy of such data and does not undertake to update or revise this data. Actual outcomes may vary materially from those forecasted in such reports or publications, and the prospect for material variation can be expected to increase as the length of the forecast period increases. Although the Company believes that this data is reliable as of the date of publication of this press release, the Company has not independently verified any of the data from third-party sources referred to in this press release, has not analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, and has not ascertained the underlying market, economic environment or other assumptions relied upon by such sources. Market and economic data are subject to variations and cannot be verified due to limits on the availability and reliability of data inputs, the voluntary nature of the data-gathering process and other limitations and uncertainties inherent in any statistical survey.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Further information about the Company is available through the regular filing of press releases, financial statements and our most recent Annual Information Form in the SEDAR+ database ( www.sedarplus.ca ) and EDGAR ( www.sec.gov .). These documents and other information about NMG are also available from our website at www.nmg.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20241212603280/en/
MEDIA
For Nouveau Monde Graphite
Julie Paquet
VP Communications & ESG Strategy
+1-450-757-8905, ext. 140
jpaquet@nmg.com
For the Conseil des Atikamekw de Manawan
Eric Duguay
Media Relations Manager
514-377-1980
e.duguay@seize03.ca
INVESTORS
Marc Jasmin
Director, Investor Relations
+1-450-757-8905, ext. 993
mjasmin@nmg.com
News Provided by Business Wire via QuoteMedia
International Graphite’s mine-to-market strategy, leveraging its compelling graphite resource, places the company in a strategic position to become an important player in the development and expansion of Western Australia’s battery supply chain.
International Graphite (ASX:IG6) is a front-runner in the global graphite industry and is aiming to be one of the first new graphite producers.
The company’s vision for a complete mine-to-market supply chain in Western Australia leverages the state’s global reputation as a secure, reliable and technically advanced resource jurisdiction.
Primary focus is the production of active anode materials for lithium-ion batteries to address growing global demand and the forecast shortage looming for allied markets, particularly the US, Europe, Korea and Japan.
Since listing on the ASX in 2022, the company has made rapid headway in the development of two major assets – a planned graphite mine at Springdale and downstream processing facilities at Collie.
The company has been awarded AU$13.2 million in grants from Australian state and commonwealth governments in recognition of its significance to the development of Australia’s sovereign battery minerals capability.
International Graphite further secured a $4.5 million grant funding from the Western Australian Government to construct the first purpose-built commercial graphite micronising plant. About $2 million will be applied towards the ~3,000 tpa micronising facility to be built in Collie at an estimated capital cost of $4 million and the remaining $2.5 million will be applied to expand the facility and at least double capacity (Stage 2).
Market attention worldwide is swinging to graphite which is essential for global decarbonization and fast becoming one of the most politically contested of all the critical battery minerals. The graphite market is projected to reach US$24.21 billion by 2031 driven by a CAGR of 5.20 percent.
Graphite is flexible, conductive, heat and corrosion resistant. For decades it has been used to manufacture everything from ceramics and lubricants to plastics and steel.
It is also a major ingredient in batteries of all kinds, making up 95 percent of the active anode in lithium-ion batteries which are the gold standard for electric vehicles, renewable energy storage and advanced medical, defense and aerospace devices.
Of all the components in a lithium-ion battery, the biggest volume is in graphite. It can take 50 to 100 kilograms of graphite to make a single EV battery – up to 10 times more graphite than lithium.
Currently, China supplies over 80 percent of the world’s processed graphite, so its decision to restrict exports to western customers came as a shock in late 2023.
Western nations are scrambling to find alternative supplies to meet existing commitments – and new supplies to meet the shortage of battery materials forecast in the next five years.
With limited graphite sources of its own, and limited prospects in the near term, the US is leading the way, closely followed by Europe, offering unprecedented incentives to fast-track graphite supply from reliable domestic and allied sources.
International Graphite owns 100 percent of the Springdale graphite project in the established mining centre of Hopetoun/Ravensthorpe, on the south coast of Western Australia.
Springdale is one of the largest graphite deposits in Australia and was named Discovery of the Year in the respected 2023 Prospect Awards.
Following an extensive drilling campaign in 2022-23, the resource estimate increased by more than 240 percent to 49.3 Mt @ 6.5 percent total graphitic content (TGC). This is expected to grow in the future as only 10 percent of the tenement area and 20 percent of initial geological targets have been drilled to date.
Springdale is the site of the company’s planned graphite mine which will provide a consistent and reliable feed of graphite concentrates for downstream processing and give the company full control of its supply chain. A scoping study, released in January 2024, showed the planned open pit operation would be globally cost competitive with a long, multi-decade mine life.
The planned mine is on cleared farmland, with easy access to established roads and infrastructure. Permitting activities are well underway and two mining leases have been granted. The regional community relies heavily on the mining sector and has applauded moves to establish a new operation in their area.
Metallurgical testwork on Springdale concentrates, completed by specialist testing laboratories in Australia and overseas, shows the high-grade, fine flake Springdale ore is ideally suited for the production of battery anode material. Bench scale micronising, spheroidising and purification testwork on graphite concentrates were undertaken by industry specialists ProGraphite GmbH and produced outstanding results. The tests produced two spherical graphite products – SpG11 and SpG18 – with a yield of up to 76 percent. Purification testwork reached 99.99 percent graphite purity – well above the usual specification for battery anode material at 99.97 percent.
International Graphite’s vision for a complete mine-to-market business is designed to achieve maximum value from its Springdale natural graphite resource and is closely aligned with the Australian government's critical minerals strategy and the Western Australian government's vision to establish new world-class industries in Collie.
International Graphite’s Collie R&D and Process Facility is a first for Australia and a key link in the company’s mine-to-market strategy.
Backed by an ISO 9001 quality assurance certificate, the Collie facility is home to pilot scale graphite micronizing and spheroidizing equipment, thermal purification equipment, and a qualification-scale micronizing plant that is currently producing sample products for assessment by potential customers in the industrial manufacturing and battery markets.
As well as being widely used in industrial products such as lubricants, plastics and polymers, micronized graphite is a critical conductive additive in battery cathodes. It is also the first stage in the production of active anode material for lithium-ion batteries.
International Graphite plans to expand micronizing at Collie to commercial scale with construction scheduled in 2025. At the same time, it is progressing plans for a separate advanced battery anode material manufacturing facility. The plant design will be tailored to process Springdale graphite concentrates.
Located 450 km by road from Springdale, and close to major export ports, the regional township of Collie is the centre of Western Australia’s electricity generating infrastructure.
Top left: Collie R&D and Process Facility. Top right: Micronizing qualification plant.
Bottom left: Qualification plant in operation. Bottom right: Australian Prime Minister Anthony Albanese inspects the Collie facility.
One of Australia’s leading metallurgists and an authority on graphite project development, Phil Hearse founded International Graphite in 2018 and continues to lead the company’s growth and development. An engineer with more than 40 years of experience in diverse and challenging projects around the world, his extensive career has taken him from operational and technical roles at Broken Hill, Bougainville Copper, Queensland Nickel (QNI) and Gove Alumina to senior executive and managerial positions in engineering and operating companies.
Hearse is the owner and managing director of Battery Limits, one of Australia’s leading graphite metallurgy and process engineering firms. The company has assisted many listed public companies to develop bankable feasibility studies for graphite mines and concentrators and has generated significant intellectual property in downstream processing and knowledge of the end use market. Hearse has an MBA from Hull University UK and a Bachelor of Applied Science in primary metallurgy from the University of SA. He is a fellow of the Australasian Institute of Mining and Metallurgy and a fellow of the Australasian Institute of Mining and Metallurgy.
Andrew Worland is a mining executive and experienced ASX/TSX director with over 25 years in senior finance, corporate, project management and marketing roles in the Western Australian mining sector.
Worland's commodity experience includes exploration, development and operations in lead, zinc, nickel, cobalt, gold, iron ore, molybdenum, copper and uranium. He has a Bachelor of Commerce with a major in finance and marketing from the University of Western Australia and is a qualified chartered company secretary and has achieved Fellow of the Governance Institute of Australia.
David Pass has played a key role in the technical development of International Graphite since the company’s inception. A metallurgist with 30 years in the mining industry, he brings a mix of operational processing, process design, project, due diligence skills and management experience including mine operations experience with Barrick Gold.
Pass is chief executive officer of Battery Limits and an acknowledged expert in graphite primary and downstream processing and has led several studies in graphite project development to definitive feasibility level. He holds a Bachelor of Science in metallurgy from Murdoch University and is a member of the Australian Institute of Mining and Metallurgy.
Matthew O’Kane is a senior mineral industry executive and company director with 25 years’ experience in the mining, commodities, and automotive sectors. He has held senior leadership roles in Australia, the US and Asia, in both developed and emerging markets, from start-up companies through to MNC’s. He has served on the board of mining companies in Canada, Hong Kong and Australia, and is currently managing director of Comet Resources (ASX:CRL) and a non-executive director of Azarga Uranium (TSX:AZZ) and Pursuit Minerals (ASX:PUR). O’Kane has been a non-executive director of International Graphite since the company was listed in April 2022.
Robert Hodby is a finance and accounting specialist with more than 20 years’ experience in the Australian resource and energy sector, including seven years as CFO and company secretary of Kibaran Resources(ASX:KNL), the predecessor to Australian graphite company EcoGraf (ASX:EGR). A member of CPA Australia and member of the Governance Institute of Australia, Hodby specializes in the financial management and administration of public and listed companies at both operational and corporate levels. During his career, he has held numerous executive and project management positions as well as CFO, board and company secretarial roles, with a strong track record in corporate finance, capital raising and international product marketing, particularly in the emerging graphite market.
Highlights
On 14 June 2024, the Company, through its Germany subsidiary Altech Batteries GmbH (“ABG”), announced the appointment of global big four professional services firm (“funding adviser”) to assist in securing finance for the construction of Altech’s 120MWh CERENERGY® battery manufacturing plant in Germany. The project's financing strategy is structured across three key areas: debt, equity, and grants. These sources will cover not only the capital expenditures but also financing costs, working capital, debt service coverage, and an additional contingency for potential business interruptions, See Figure 1.
CEO and MD Iggy Tan Discusses CERENERGY® Funding
Either click the thumbnail below, scan the QR code below or use the YouTube link https://youtu.be/EgMBHp1SRCA to listen to the discussion.
181,057,000 € 20%-30% 40-50% 30% Figure 1 – Financing Plan and Structure
DEBT PROCESS
A funding invitation document (investment teaser) has been finalised and distributed to various financial institutions for debt funding in the project. The Group has engaged ten commercial banks and two venture debt funds in a first market round, receiving predominantly positive initial feedback. Several of these institutions have expressed strong interest in participating in the financing. The Group is now in the process of shortlisting potential lenders to identify the most suitable financial partners for the project. To support a thorough due diligence process, a secure data room has been set up, providing detailed project information to interested financiers and ensuring full transparency. The DFS financial model has been adjusted to stress-test various funding scenarios tailored to the lending institutions ABG has engaged with. Further steps involve determining the most suitable banks to form a syndicate and appointing a lead bank to guide the lending process. This syndicate will play a crucial role in structuring the financing arrangement to meet the project's requirements.
EQUITY FUNDING
In addition to ongoing debt financing efforts, the Group has engaged several equity advisers to support the equity component of the project's funding package. As part of this strategy, the Altech Group plans to divest a minority interest in the project to one or two strategic investors. This partial divestment aims to attract investors who can bring not only capital, but also strategic value to the project, aligning with the CERENERGY® project’s long-term growth and sustainability objectives.
The Group is specifically targeting large utility groups, data centre operators, investment funds and corporations that are heavily involved in the green energy transition. These entities are seen as ideal partners due to their strong alignment with the project’s focus on sustainable energy solutions, as well as their capacity to provide substantial financial backing.
To date, significant progress has been made in these equity discussions. Several Non-Disclosure Agreements (NDAs) have been signed, allowing for deeper engagement with prospective investors. Altech has also circulated draft term sheets to a number of interested parties, outlining the proposed terms and conditions for investment. These documents serve as a starting point for negotiations, paving the way for more detailed discussions regarding the potential equity stake and partnership structure.
The strategic decision to divest a portion of the project is aimed at reducing the overall financial burden on the Company while bringing in experienced partners who can contribute to the project’s success. By securing both the equity and debt components, the Company aims to finalise the full financing package, ensuring the timely construction and commissioning of the CERENERGY® battery plant. The next steps will focus on advancing these discussions and converting interest into formal commitments, which are crucial for moving forward with the project.
OFFTAKE ARRANGEMENTS
On 13 September 24, Altech announced the execution of an Offtake Letter of Intent between Zweckverband Industriepark Schwarze Pumpe (ZISP) and Altech Batteries GmbH. Under this Offtake Letter of Intent (LOI), ZISP will purchase 30 MWh of energy storage capacity annually, consisting of 1MWh GridPacks, for the first five years of production. The price of these batteries has been agreed and aligns with the sales price contained within Altech’s Definitive Feasibility Study. The purchase of these batteries is subject to performance tests, battery specifications and the batteries meeting customer requirements. This offtake LOI constitutes an important aspect of the financing process. This lays the foundation for additional offtake arrangements, which are currently in progress. These agreements are vital for advancing our financing and construction timelines for the CERENERGY® project.
CEO and MD Mr Iggy Tan stated"The funding stage of any project is the most complex and challenging process of any project. Securing a big four funding adviser with expertise and a global network is a major step in our financing efforts. Altech is advancing both debt and equity discussions, along with offtake agreements, to fully fund the CERENERGY® project. We are seeing strong interest, especially from European banks and potential equity partners”.
Click here for the full ASX Release
This article includes content from Altech Batteries, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
