Blog

By Stuart Condie

  SYDNEY--Logistics-software provider WiseTech Global promoted its chief of staff to succeed scandal-hit founder Richard White as chief executive, ending months of uncertainty over the Australian company's leadership. 

  Zubin Appoo only rejoined WiseTech in April, reporting directly to White as the group's chief of staff and deputy chief innovation officer. On Monday, WiseTech said Appoo would become CEO effective immediately. 

  WiseTech said that it had considered a number of candidates for the role as part of an internal and external search process. It said it picked Appoo, who initially worked for WiseTech for almost 15 years to August 2018, due to his strong development background and company knowledge. 

  Founder White stepped down as CEO last year following a string of personal allegations against him that led to billions of dollars being wiped from WiseTech's market value. The company's largest shareholder, White subsequently retook control as executive chair. 

  WiseTech hired a pair of law firms to assist in an internal review of White's behavior and company governance. In March, WiseTech warned White about his behavior and White acknowledged that he should have reported some personal relationships to the board. 

  "Zubin's proven leadership skills, extensive background in technology and product development--coupled with his deep understanding of WiseTech, our culture and products, as well as the logistics industry--makes him uniquely qualified to lead the WiseTech team," said White, who is also WiseTech's largest shareholder. 

  Appoo will report directly to the board while also collaborating with White on what WiseTech called long-term product vision, innovation and strategic investment. 

  Acting CEO Andrew Cartledge, the company's former chief financial officer, will retire at the end of 2025, WiseTech said. 

  WiseTech shares were 0.1% higher in early trade at 120.24 Australian dollars, equivalent to US$78.94. That's up about 60% since April, but still about 10% below where it was prior to the allegations against White. 

  Write to Stuart Condie at stuart.condie@wsj.com 

  (END) Dow Jones Newswires

  July 27, 2025 20:54 ET (00:54 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.

Perth, Australia (ABN Newswire) – Altech Batteries Limited (ASX:ATC,OTC:ALTHF) (FRA:A3Y) (OTCMKTS:ALTHF) is pleased to announce an update on funding of the CERENERGY(R) sodium-chloride solid-state battery project in Saxony, Germany.

DEBT PROCESS

As previously mentioned, Altech has engaged ten commercial banks and two venture debt funds in the first round of financing discussions, receiving largely positive initial feedback. Based on this feedback, the Company has selected a preferred financial institution- a European bank with a proven track record in providing debt funding for technology-driven projects, particularly those within the innovation sector.

Although the mandate has not yet been formally executed, Altech intends to make an official announcement once this step is complete.

Meanwhile, the bank’s commercial and technical teams have been diligently conducting a comprehensive review of the Cerenergy projects and its technology. The technical due diligence process is critical for ensuring that the project meets the bank’s financing and risk criteria. As part of this process the onsite Altech experts are in detailed discussions with the bank’s representative. The banks have visited Dresden and the Fraunhofer testing facilities and visit Hermsdorf, Germany where the prototype production is located in the coming weeks, which will be a key step in concluding the technical evaluation.

In parallel with these efforts, Altech is progressing discussions for securing a federal government guarantee, which would further strengthen its ability to secure the necessary debt funding for the project. Officials from the Ministry of Finance have already been briefed on the initiative, and the due diligence process for the application is actively underway. This federal guarantee will serve as an underwriter and therewith derisk any debt funding for the project substantially.

EQUITY FUNDING

In parallel with ongoing debt financing efforts, the Group has engaged several equity advisers to assist in securing the equity component of the project’s funding package. As part of this strategy, Altech plans to divest a minority interest in the project to one or two strategic investors. This partial divestment is intended to attract investors who can contribute not only capital, but also strategic value, aligning with the CERENERGY(R) project’s long-term goals of growth and sustainability.

The Group on one hand is specifically targeting large utility companies, data centre operators, investment funds, and corporations that are deeply committed to the green energy transition and on the other hand industrial partners with access and know-how and resources relevant to Cerenergy battery production, implementation or market access. These potential partners are seen as ideal due to their strong alignment with the project’s sustainable energy focus and their ability to provide significant financial support. Progress in equity discussions has been promising, with several Non-Disclosure Agreements (NDAs) signed, enabling deeper engagement with prospective investors. Additionally, draft term sheets have been circulated to interested parties, outlining the key terms and conditions for investment. These documents provide a foundation for negotiations and facilitate more detailed discussions around the equity stake and partnership structure.

The decision to divest part of the project is strategically aimed at easing the Company’s financial burden while bringing in experienced partners who can contribute to the project’s success. By securing both equity and debt financing, Altech aims to finalize the full funding package, ensuring the timely construction and commissioning of the CERENERGY(R) battery plant. Moving forward, the focus will be on advancing these discussions and converting interest into formal commitments, which are critical for the project’s progression.

GRANT APPLICATIONS

Altech has been actively applying for various grants offered by the State of Saxony, Federal Government of Germany, and the European Union. The State of Saxony and Brandenburg, along with the European Union, offer substantial support for renewable energy projects, including grants aimed at converting lignite coal to renewable energy sources. These grants are part of broader efforts to transition regions dependent on fossil fuels toward sustainable energy solutions. Altech’s site, located in these areas, stands to benefit from various funding programs designed to support clean energy projects, including EU grants for energy transformation and innovation. Altech has applied for several of these grants to advance its CERENERGY(R) project, securing essential financial backing for technology development, high-tech industries, expert employment and infrastructure upgrades.

OFFTAKE ARRANGEMENTS

Altech has secured three key Offtake Letters of Intent (LOIs) for 100% of its CERENERGY(R) production.

1. Zweckverband Industriepark Schwarze Pumpe (ZISP): An agreement was signed on 13 September 2024 for ZISP to purchase 30 MWh of energy storage capacity annually, consisting of 1MWh GridPacks, for the first five years of production. The purchase is contingent on performance tests and battery specifications meeting customer requirements.

2. Referenzkraftwerk Lausitz GmbH (RefLau): A second LOI was executed with RefLau, a joint venture between Enertrag SE and Energiequelle GmbH. RefLau will buy 30 MWh of CERENERGY(R) storage n the first year, increasing to 32 MWh annually for the next four years. Additionally, Altech will purchase green electricity for its planned production plant.

3. Axsol GmbH: A third LOI was signed with Axsol, a leading renewable energy solutions provider. Axsol will exclusively distribute CERENERGY(R) batteries to the Western defense industry, facilitating early market entry and sales. These agreements are crucial for financing and advancing the CERENERGY(R) project.

 

About Altech Batteries Ltd:  

Altech Batteries Limited (ASX:ATC,OTC:ALTHF) (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.