Stocks of the Hour: Novatti Group, RareX, Altech Chemicals

Company News

by Abbey Phillipps

Novatti Group (ASX:NOV) announced that its dedicated banking subsidiary International Bank of Australia, has been granted a Restricted Authorised Deposit-taking Institution licence by Australia’s banking regulator APRA. The banking business will launch as the International Bank of Australia. Managing Director of Novatti, Peter Cook, said: “Being granted a restricted banking licence is a very significant milestone in the delivery of Novatti’s long term strategy, and is the culmination of several years of investment and development. We see banking services as significant across card issuing, merchant acquiring, billing and cross-border payments as it underpins the infrastructure and capability to Novatti’s core payments business while also giving us the ability to increase margins. The delivery of this licence, and now the launch of International Bank of Australia, has therefore formed a core part of Novatti’s growth strategy for so long. In addition, the bank has the strong advantage of being able to leverage Novatti’s existing payments ecosystem and global footprint to help win customers quickly.” Shares are trading 46 per cent higher at 27 cents.

Sustainable rare earths and phosphate developer RareX  (ASX:REE) announced that it has executed a binding Memorandum of Understanding (MoU) with Ord River District Co-operative Ltd (ORDCO) to progress commercial off-take and product development opportunities for phosphate products from its 100%-owned Cummins Range Project in WA as outlined in the recent scoping study. Under the terms of the MOU, the parties have agreed to discuss and negotiate the terms of a binding off-take agreement and distribution agreement, and to jointly develop a product roadmap for the phosphate products to be produced from the Cummins Range Rare Earths and Phosphate Project. Commenting on the MOU, RareX Managing Director, Jeremy Robinson, said, “In choosing to collaborate with ORDCO, we are pleased to be working with local communities in the region where we operate as part of a sustainable venture that could deliver significant benefits to stakeholders across the district.” Shares are trading 9.8 per cent higher at 6 cents.

Altech Chemicals (ASX:ATC) announced that it has designed and launched the CERENERGY® Sodium Alumina Solid State (SAS) 60 KWh battery pack (ABS60), with its joint venture with Fraunhofer. The battery has been designed for the renewable energy and grid storage market, in which each battery pack will contain 240 cells, in which its totally weatherproof design allows for outdoor installation. Shares are trading 7 per cent higher at 12 cents.

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