Perth, Australia, Nov 26, 2024 - (ABN Newswire) - Altech Batteries Limited (ASX:ATC) (HAM:A3Y) (OTCMKTS:ALTHF) is pleased to announce the execution of a second Offtake Letter of Intent between Referenzkraftwerk Lausitz GmbH (RefLau) and Altech Batteries GmbH. Reflau is a joint venture between utility companies Enertrag SE (Enerttag) and Energiequelle GmbH.
Energiequelle GmbH, headquartered in Zossen, Germany, with branches in multiple countries, focuses on renewable energy projects like wind, biomass, and solar power. The company aims to produce and market green hydrogen, partially converting it back to electricity. It plans a facility near Altech with wind, solar systems, and a direct power line to RefLau.
RefLau, a joint venture involving Enertrag, Energiequelle, and research institutions, aims to develop a reference power plant powered solely by renewable energy, including green hydrogen. It seeks to mitigate supply gaps from solar and wind intermittency, enhancing grid stability with sector coupling and battery storage solutions.
Enertrag & Energiequelle, being leading utility and energy solution providers in Europe, plan to purchase CERENERGY(R) GridPack batteries from Altech, with deliveries anticipated to commence in Q4-2026. The purchase includes a 30MWh target for 2027, and discounts based on electricity supply agreements, with performance guarantees. Preliminary purchase targets are 30MWh in 2027, 32MWh in 2028, 32MWh in 2029-2031.
In addition, RefLau, the green hydrogen pilot project joint venture between Enertrag and Energiequelle, plans to purchase 10MWh CERENERGY(R) GridPack batteries from Altech for its plant in Schwarze Pumpe, which will permit a close working relationship between the companies and enable Altech to enter the important hydrogen business segment in which conventional lithium-Ion batteries cannot be applied due to their safety risk.
"The interest shown by RefLau in Altech''s technology is a clear signal of growing demand for innovative energy storage solutions, particularly as industries shift toward 100% renewable energy. It''s encouraging to see potential customers like RefLau recognising the value of our scalable and reliable battery systems.
This second Letter of Intent marks a significant milestone for Altech Batteries as it represents our second offtake agreement for the CERENERGY(R) GridPack Battery Energy Storage System and more so means that the first two years of production is spoken for and 50% of the 3 following years".
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.
The People''s Republic of Bangladesh has received a fund from the International Development Agency, and it intends to apply a part of the proceeds of this credit to payment under the contracts for appointment of a consulting firm for "feasibility study (including an environmental and social impact assessment) for an approximate 70 mw (ac) grid tied solar power project.
The authority intends to appoint an internationally reputed consultancy firm to accomplish the services by using World Bank fund under "TA for strengthening and development of the sustainable power sector in Bangladesh".
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