Altech Chemicals continues to progress European initiatives for HPA strategy

Altech Chemicals Ltd (ASX:ATC) is advancing initiatives to progress its high purity alumina (HPA) strategy in Europe and has posted an alternate director to Germany to assist this strategy.

The European-based initiatives will support the companys objective of closing the balance of finance for its Malaysian HPA project, with Frankfurt Stock Exchange-listed Altech Advanced Materials AG (AAM) at the helm of this work.

To be based in Germany

AAM management board member Uwe Ahrens, who is also alternate director for Altech non-executive director Tunku Yaacob Khyra, has been posted to AMM and will be based in Germany.

Ahrens is a German national who has resided in Malaysia for more than 20-years and has retained a very strong business network in Germany.

He is also a senior member of the management team of the Melewar group, a major shareholder of Altech.

A key remaining step of the European finance strategy is a capital raise by AAM of around €69.4 million which will result in it exercising an option to acquire up to a 49% direct interest in Altechs HPA project for US$100 million.

“Unique window of opportunity”

Managing director Iggy Tan said: “It is clearly apparent that there is a new sense of urgency in Europe, particularly in Germany, to accelerate the development of a European based lithium-ion battery manufacturing sector as a cornerstone to support a faster than previously anticipated transition to electric vehicle production.

“For Altech and our proposed 4N HPA product the current momentum in Europe presents a unique window of opportunity which we must endeavour to capitalise on.

“The posting of Mr Ahrens to Germany will provide us with the additional required boots-on-ground to directly represent and advocate for Altech and our 4N HPA, whilst at the same time providing assistance to AAM for its impending capital raise.”

Engagement with Europe's battery sector

During his European posting Ahrens will: