Mitsubishi Signs High Purity Alumina Sales Agreement
Perth, Sep 24, 2015 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) (
ASX:ATC) has signed a sales and distribution agreement (Agreement) with Mitsubishi Corporation's Australian subsidiary, Mitsubishi Australia Ltd (Mitsubishi) for its proposed high purity alumina (HPA) product. The Agreement appoints Mitsubishi as the exclusive seller and distributor of Altech's final HPA product to the Japanese market.
Highlights
- Altech signs sales & distribution agreement with Mitsubishi Corporation
- Mitsubishi Corporation is Japan's largest general trading company
- Exclusive distribution of HPA by Mitsubishi to the Japanese market
- Japan accounted for 21% of global HPA demand in 2014
Mitsubishi is Japan's largest general trading company with more than 200 bases of operations in approximately 90 countries worldwide. Mitsubishi employs a multinational workforce of approximately 70,000 people across some 600 companies. Mitsubishi has been engaged in long-term business with customers from around the world in virtually every industry, including energy, metals, machinery, chemicals, food and general merchandise.
In 2014, consumption of HPA in Japan was an estimated to represent 21% of estimated total global HPA demand for the year. The Japanese market will be important for Altech and the agreement reached with Mitsubishi provides the Company with the required marketing and distribution experience for its HPA in this market.
Altech's managing director, Mr Iggy Tan said that the Agreement with Mitsubishi marks another important milestone for the Company's HPA project. Mr Tan went on to say "we are delighted to partner with one of Japan's largest companies and a very reputable name worldwide".
"Altech's 4,000tpa HPA plant will position the Company not only as one of the world's largest producers of HPA, but also as one of the world's lowest cost producers of HPA", Mr Tan concluded.
About Altech Batteries Ltd
Altech Batteries Limited (ASX:ATC) (FRA:A3Y) is a specialty battery technology company that has a joint venture agreement with world leading German battery institute Fraunhofer IKTS ("Fraunhofer") to commercialise the revolutionary CERENERGY(R) Sodium Alumina Solid State (SAS) Battery. CERENERGY(R) batteries are the game-changing alternative to lithium-ion batteries. CERENERGY(R) batteries are fire and explosion-proof; have a life span of more than 15 years and operate in extreme cold and desert climates. The battery technology uses table salt and is lithium-free; cobalt-free; graphite-free; and copper-free, eliminating exposure to critical metal price rises and supply chain concerns.
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.
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