Ann: Altech - Target Date Set for German Government ECA Approval, page-14

Sakstler, great job and great news!
I was thinking exactly along the same lines.
The German government export credit cover, will cover most of the risk to the KfW IPEX-Bank.
Government takes on most of the risk, hence super stringent due diligence.
KfW IPEX-Bank will lend them all the money even if only, e.g. 80% is insured by the cover note.
We will have a very special project 100% funded by debt.
I’m thinking the CR won't be very large, maybe 5m USD or less, which would keep them going until production revenue flows.
A nice chunk of equity for SMS or some other lucky party.
Now I see the true benefit of the export credit cover. Not just a cheaper interest rate, but avoidance of substantial dilution.