Undisclosed investors are buying $8.1 million worth of shares priced at 10.7c, while Altech believes another $4 million could be raised in a share purchase plan.
The raisings are "company led" without a broker involved.
Proceeds will be applied to Altech's 75% portion of funding the construction of a battery materials coating pilot plant in Germany (and purchase of land at the Schwarze Pumpe Industrial Park), as well as feasibility work for a full scale 10,000tpa plant.
Altech had cash of $3.6 million at the start of the current quarter.
Meanwhile, news is awaited on a US$144 million "green bond" issue Altech said was in the final stages of completion in October.
That funding is for Altech's proposed high purity alumina venture in Malaysia, a project with a price tag of $280 million.
Altech earlier said it had been successful in securing senior project debt finance of $190 million from a German bank, and had raised in-excess of A$50 million over the past 36 months (prior to the current fundraising).
Share in Altech were down 11% to 12.5c in midday trade, capitalising the company at $161 million.
The stock was at levels around 4c 12 months ago.