Altech Batteries ASX:ATC has secured a three-month extension to a key financial close deadline attached to conditional German government funding for its CERENERGY sodium chloride solid state battery project.

The German Federal Ministry for Economic Affairs and Energy has extended the deadline for Altech Batteries GmbH to achieve full project financial close from 30 June to 30 September.

The conditional binding funding approval covers up to €46.7 million under Germany’s federal STARK economic development program, representing approximately 30% of eligible project capital expenditure.

The funding commitment remained conditional on full project financial close by 30 June and parliamentary approval of funds under Germany’s 2026 Federal Budget.

The deadline extension gives Altech additional time to complete the project financing work needed to retain eligibility for the grant relating to Altech’s planned 120-megawatt-hour production facility in Saxony.

CERENERGY Project Focus

Altech is commercialising the CERENERGY technology through a joint venture with German government battery institute Fraunhofer IKTS.

The sodium chloride solid state battery technology has been designed for long-duration stationary energy storage applications, particularly in the European market.

Altech presents the batteries as a safer and more strategically independent alternative to lithium-ion batteries because the technology uses table salt and avoids lithium, cobalt, graphite, and copper.

The company continues to focus on completing financial close and advancing CERENERGY toward commercial deployment.

Meckering Land Sold

Altech has separately completed settlement for the sale of land held in Meckering, east of Perth in Westerna Australia.

The board deemed the land surplus to requirements, with the $950,000 gross proceeds to provide working capital for the broader group.

Altech retained rights to mining lease M70/1334 as part of the transaction.

The company has entered into an exploration, mining, access, compensation, and option to purchase agreement with the new landowner to preserve future access and operating rights over the mining lease.

Debt Security Arrangements

The Meckering land had been subject to a mortgage held by major shareholder Deutsche Balaton AG.

Deutsche Balaton discharged the mortgage as part of the sale and received a $500,000 bank guarantee over an Altech-held bank account.

The guarantee provides security against €2m of bearer bonds Altech owes to Deutsche Balaton, with repayment due on 31 October.

Altech is endeavouring to sell land held in Johor, Malaysia to repay the bearer bonds, with Deutsche Balaton able to call on the $500,000 guarantee as partial repayment if the bonds are not repaid by the due date.