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CERENERGY milestones
The first 60kWh CERENERGY® ABS60 battery pack prototype was produced in October, showcasing a lifespan of more than 15 years, twice that of lithium-ion batteries. Two offtake letters of intent were secured in October and November this year, locking in demand for 30MWh of CERENERGY® grid packs annually from 2026, positioning Altech as a key player in renewable energy. It also means the first two years of production is spoken for, as well as 50% of the three following years. The company has also finalised the plant’s process design and has engaged specialised German companies to carry out each step of the CERENERGY® grid packs production process.
Silumina Anodes – the second battery project
The second project involves the development of a lithium-ion battery anode by combining silicon particles with conventional graphite, achieving a 55% increase in energy capacity. With rising demand for EVs, the silicon-based anode market is projected to grow at a CAGR of 48%, reaching $137 billion by 2036. Altech has completed a definitive feasibility study (DFS) for an 8,000tpa plant in Germany and has an operational pilot plant, positioning it for rapid commercialisation. Financially, the project shows strong metrics such as a pre-tax NPV10 of €684m, an IRR of 34% and an annual EBITDA of €105m, indicating robust economic viability.
Uniquely placed with first-mover advantage
Speaking with *, East Coast Research equity research analyst Aaron Rogers said there aren’t many companies that do what Altech does with both battery technologies based on the company’s own proprietary technology, differentiating themselves from the rest. “In the previous report we set out some milestones that we wanted Altech to achieve before it would re-rate,” he said. “These included the production of the CERENERGY® proto-type battery and it’s done that, the company reaching these goals which help to reduce the project’s risk, enhances commercial viability and consequently, our DCF was revised up slightly to reflect this.”
East Coast Research’s DCF model values both the Silumina Anodes and CERENERGY® batteries projects, estimating a base-case valuation of A$0.17 per share and a bull-case of A$0.24 per share. These valuations are based on assumptions from the respective DFS results of the projects, illustrating Altech’s consistent growth and likelihood of eventual commercialisation.
Other key milestones include the Silumina Anodes pilot plant construction and prototype shipments to end-line customers for testing. “It’s an interesting time for technologies like these as the world tries to find roots to reach net zero goals,” Rogers said. “Companies like Altech, if they can get to the commercialisation stage, they should be in a position to help in the global effort to decarbonise. “The silicon anode market is projected to reach $137b by 2036 and obviously the signing of offtake agreements for CERENERGY® and the build-out of prototypes shows that Altech is on its way to commercialisation and contributing to this growth.”
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