Owners of Altech Chemicals Ltd (ASX: ATC) shares are having a good week amid plenty of news emerging from the company.
On Monday, Altech announced its 75%-owned German Battery Materials Coating Plant project was deemed 'green' by Norway's independent Centre of International Climate and Environmental Research (CICERO).
Additionally, the company successfully completed a share purchase plan last week and released the results on Monday.
At the time of writing, the Altech Chemicals share price is 10.75 cents. That's 7.5% higher than its previous close and 2.3% higher than it was at the end of last week.
For context, the broader market is in the red today. The All Ordinaries Index (ASX: XAO) is currently down 0.1% while the S&P/ASX 200 Index (ASX: XJO) has slipped 0.18%.
Let's take a closer look at all that's been going on with the alumina developer.
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What might be driving the Altech Chemicals share price this week?
Battery materials plant dubbed 'green'
The Altech Chemicals share price is in the green this week amid news its battery material project's sustainability has been endorsed by a prestigious entity.
CICERO found the company's coated silicon anode material could reduce the carbon footprint of lithium-ion batteries by between 19% and 52%.
The company believes this could have a large impact on the burgeoning electric vehicle industry.
Its proposed Battery Materials Coating Plant will be located at the Schwarze Pumpe Industrial Park in Saxony, Germany.
CICERO has slapped the project with a 'medium green' rating. That confirms the project is eligible to receive green bond financing.
To award the rating, CICERO looked at the project's proposed governance procedures and transparency, labelling them 'good'. It commented:
The plant has near zero scope 1 and 2 emissions as the plant's processes, including steam generation, are fully electrified, and it will use renewable electricity sourced from on-site solar panels and renewable energy certificates.
The body also encouraged Altech Chemicals to implement a supply chain sustainability policy and encourage suppliers to address sustainability impacts.
That's particularly important as more than 90% of the plant's carbon footprint comes from its feedstock materials.
Successful share purchase plan
The Altech Chemicals share price might also be being boosted by the success of the company's recent $2.2 million share purchase plan.
More than 250 shareholders bought new shares for 10.7 cents apiece through the plan.
The company also recently raised $8.1 million through a placement.
The funds will go towards purchasing land at the battery materials coating plant's home industrial park, as well as its construction, preliminary feasibility study, and definitive feasibility study.
