Altech resets board for battery tech commercial drive

Altech Batteries has completed a full board overhaul, installing a new leadership team tasked with turning its two flagship battery technologies – CERENERGY sodium solid-state batteries and Silumina anodes - from technical success into commercial reality.

The change in management was requested by Altech’s largest shareholder, Altech Advanced Materials AG (AMA) which, together with the Deutsche Balaton Group controls about 28 per cent of the company. 

AMA co-owns Altech Industries Germany GmbH (AIG) with a 25 per cent stake. The company is building pilot plants in Saxony for battery anode coatings and high-purity alumina.

Taking up the reins is Daniel Raihani – a name that has become synonymous with rapid boardroom resets across the ASX micro-cap space over the past 18 months. 

Daniel Raihani chief executive and managing director said: “Altech possesses two genuinely world-class technologies in CERENERGY and Silumina Anodes, and it is imperative that we now take the actions required to ensure these assets reach their full commercial potential.” 

Raihani holds a Bachelor of Business from Swinburne University, is a member of the Australian Institute of Public Accountants, a Member of the Australian Institute of Company Directors and has over 20 years of experience in finance, mining, and real estate. 

His more recent track history includes an appointment in mid-2024 as non-executive chairman of both ASX-listed First Au and Voltaic Strategic Resources.

This was followed by his November 2024 elevation to managing director of ASX junior, Aurumin Resources after the founder stepped aside; he has since lifted his stake to about 20 per cent and successfully delivered a takeover offer by Brightstar Resources.

In February this year, he also joined Forrestania Resources as non-executive director, backing a placement and helping the company to pivot towards gold in WA’s Forrestania belt. 

Adding to his hectic schedule in the resources sector, between April and October, Raihani became non-executive chairman of Middle Island Resources in October, overseeing a $3.4-million capital raising and the EGM-approved acquisition of the company’s Serbian (Konstantin) copper-gold assets. 

In September, Raihani then became an 18 per cent shareholder in BSA Limited before landing a non-executive directorship role, amid a turnaround placement. 

In the same month, he emerged as a substantial holder in Terra Uranium, with more than 10 million shares, adding activist weight to its uranium and tungsten push in Canada and New South Wales  respectively.

Finally, following the recent heady rush, Raihani was appointed managing director and CEO of Altech Batteries in November.

The new Altech board, comprising non-executive chair Joe Graziano, MD-CEO Daniel Raihani and non-executive director Hansjoerg Plaggemars have wasted no time setting a sharply focused agenda.

The plan centres around aggressive pursuit of strategic partners, including battery manufacturers, chemical giants and government programs for both of the Altech’s CERENERGY and Silumina anodes technologies. 

The company will also strive to unlock a €46.7 million (A$82.8M) German STARK grant for Altech’s 120MWh CERENERGY plant in Saxony, which requires confirmation of full financing before becoming available. 

Rationalising non-core assets will also be a top priority, with the company set to run the ruler over its Meckering kaolin deposit, industrial land in Johor, Malaysia and other ancillary holdings to cut cash burn and recycle capital.

The new Board will also review Altech’s capital-intensive AMPower uninterruptible power supply (UPS) side deal by distributing its industrial UPS units to release near term cash, balanced against directing its capital and management time into the bigger battery prize at hand.

With its new board - headed by a seasoned operative in Raihani now firmly in the saddle - Altech is signalling a decisive shift from steady technical progress to hard-edged commercial execution. 

The portfolio is being tightened, partnerships are being chased and every project is being judged on its ability to deliver value fast. 

After years of solid test work and feasibility success, thanks largely to the outgoing management, the company’s battery technology is now getting a fresh set of eyes - and a renewed push to spark serious funding interest.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au