AnteoTech Raises $4.3m, Ships Ultranode™ to Mercedes-Benz for Testing

Commercial Breakthrough with Ultranode™

AnteoTech Ltd (ASX: ADO) has delivered a significant commercial milestone in the December 2024 quarter by shipping its first Ultranode™ order to Mercedes-Benz for evaluation. This initial purchase order, valued at approximately A$40,000, marks a critical step in validating AnteoTech's proprietary battery technology within the electric vehicle (EV) sector. Mercedes-Benz's ongoing parallel testing of both Ultranode™ and Anteo X™ highlights the growing interest from premium automotive manufacturers in enhancing battery performance through silicon anode innovations.

The company’s engagement with Mercedes-Benz, including senior management meetings, sets a promising roadmap toward a potential commercial agreement contingent on successful validation against mutually agreed KPIs. This development underscores AnteoTech’s positioning as a credible disruptor in the clean energy battery market.

Expanding Industry Partnerships and Market Reach

Beyond Mercedes-Benz, AnteoTech has advanced discussions with Wyon, the Swiss leader in rechargeable batteries for cochlear implants, following a technical site visit in Brisbane. Positive feedback from Wyon and ongoing evaluations with a North American carbon nanotube manufacturer and a leading consumer electronics battery producer indicate a broadening pipeline of potential commercial agreements.

The appointment of Fabian Beck as Vice President of International Sales, based in Germany, aims to accelerate AnteoTech’s penetration into European and North American markets. Beck’s recent participation at the Advanced Automotive Battery Conference in Las Vegas has already generated new contacts and opportunities, reinforcing the company’s global sales momentum.

Life Sciences Division Gains Traction in India

AnteoTech’s Life Sciences segment continues to build on its strategic focus in India. The Serum Institute of India has increased its usage of AnteoBind™, with follow-on orders expected to exceed the minimum purchase agreement threshold for FY25. Additionally, Vidcare Innovations’ promising initial results with AnteoBind NXT suggest further commercial supply agreements may be forthcoming.

These developments are supported by the leadership of Dr Gautam Rishi, who is spearheading commercialisation efforts in the rapidly expanding Indian healthcare market. The company’s ability to leverage its proprietary bioconjugation technology across multiple healthcare applications signals a diversified revenue stream beyond clean energy.

Financial Strength and Strategic Funding

Financially, AnteoTech closed the quarter with a robust cash position of $7.4 million, bolstered by a successful $4.3 million capital raising and a $4.0 million grant from the Australian Renewable Energy Agency (ARENA). The ARENA funding is earmarked for the development of Generation 2 Ultranode™, targeting enhanced cycle life and capacity retention to meet the demands of ultra-high-performance applications including EVs and large-scale battery storage.

Operating cash outflows, excluding the R&D tax incentive, were managed prudently at $1.76 million, reflecting the company’s early commercialisation phase. The capital infusion is expected to accelerate sales initiatives, support customer projects, and underpin ongoing R&D efforts.

Governance and Leadership Enhancements

AnteoTech also strengthened its board with the appointment of Ms Merrill Gray as a non-executive director, effective January 31, 2025. Ms Gray brings extensive experience in critical minerals, renewables, and energy sectors, particularly within European automotive supply chains, which aligns with AnteoTech’s strategic growth ambitions in battery materials.

Overall, the quarter reflects a company transitioning from development to commercialisation, with tangible validation milestones, expanding partnerships, and a solid financial foundation to support its dual focus on clean energy and life sciences markets.