Award to support capital expenditures to
accelerate deployment of next phase of critical battery minerals
manufacturing
RENO,
Nev., April 3, 2024 /PRNewswire/ -- American
Battery Technology Company (ABTC) (NASDAQ: ABAT), an
integrated critical battery materials company that is
commercializing its technologies for both primary battery minerals
manufacturing and secondary minerals lithium-ion battery recycling,
was selected for an approximately $20
million award through the Qualifying Advanced Energy Project
Credits program (48C). This award was granted by the U.S.
Department of Treasury Internal Revenue Service following a highly
competitive technical and economic review process performed by the
U.S. Department of Energy (DOE), which evaluated the feasibility of
applicant facilities to advance America's buildout of globally
competitive critical material recycling, processing, and refining
infrastructure.
"We are proud to have been selected for this highly competitive
award, and humbled to have been chosen within a program where less
than one-tenth of the requested funds were ultimately selected for
award," stated ABTC CEO Ryan
Melsert. "These funds will facilitate the acceleration of
the buildout and start of operations of our commercial scale
hydrometallurgy-based recycled battery minerals processing and
refinement systems to increase the overall capacity for domestic
critical mineral manufacturing."
ABTC is commercializing its internally-developed recycling
process that utilizes an upfront strategic de-manufacturing process
followed by a targeted chemical extraction train in order to
recover battery materials with high yields, low cost, and with a
low environmental footprint. These ABTC recycling technologies have
won several competitive corporate awards and government grants and
are fundamentally different than conventional methods of battery
recycling, which generally utilize either high temperature smelting
operations or non-strategic shredding systems.
This $20 million award can be
utilized both for the reimbursement of capital expenditures spent
to date, and also for equipment and infrastructure for additional
value-add operations at ABTC's battery recycling facility in the
Tahoe-Reno Industrial Center (TRIC) in Storey County, Nevada. Combined with ABTC's
previously awarded U.S. DOE grants totaling over $70 million, these funds support investment in
the company's battery recycling and primary battery metals
commercialization efforts to buildout a domestically-sourced
battery metals circular supply chain. These efforts
simultaneously aim to foster a sustainable and equitable workforce
through partnerships that can propel the new energy transition.
ABTC is working to foster improved access to jobs for members of
the community, including under-represented individuals and those
facing barriers to employment, by leveraging U.S. DOE investments
and through partnerships with workforce development and government
agencies.
In collaboration with and support from strategic partners, such
as the University of Nevada, Reno,
the Nevada Battery Coalition, the Nevada's Governor's Office of Economic
Development, the Nevada Department of Employment Training and
Rehabilitation, and the Governor's Office of Workforce Innovation,
ABTC is actively engaged and involved in positioning Nevada as a leading fulcrum of the battery
metals supply chain in North America.
About American Battery Technology Company
American Battery Technology Company (ABTC), headquartered in
Reno, Nevada, has pioneered
first-of-kind technologies to unlock domestically manufactured and
recycled battery metals critically needed to help meet the
significant demand from the electric vehicle, stationary storage,
and consumer electronics industries. Committed to a circular
supply chain for battery metals, ABTC works to continually innovate
and master new battery metals technologies that power a global
transition to electrification and the future of sustainable
energy.
Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical fact, are "forward-looking
statements." Although the American Battery Technology Company's
(the "Company") management believes that such forward-looking
statements are reasonable, it cannot guarantee that such
expectations are, or will be, correct. These forward-looking
statements involve a number of risks and uncertainties, which could
cause the Company's future results to differ materially from those
anticipated. Potential risks and uncertainties include, among
others, risks and uncertainties related to the Company's ability to
continue as a going concern; the inability to obtain permits
required for future exploration, development or production, general
economic conditions and conditions affecting the industries in
which the Company operates; the uncertainty of regulatory
requirements and approvals; fluctuating mineral and commodity
prices; the failure to satisfy the prevailing wage and
apprenticeship requirements of the tax credit; the failure to
notify the U.S. DOE that the prevailing wage and apprenticeship
requirements of the tax credit were met; the reduction or
revocation of the tax credit due to the location of the project
having materially changed, the occurrence of a significant change
in plans from those submitted in the application to obtain the tax
credit, the finding that the property included in the basis of
property for the qualified investment isn't eligible for the tax
credit, an IRS determination that a tax credit has been claimed for
the same investment, the certification requirements aren't
satisfied within two years, the date for placing the project in
service was not met, the failure to notify the U.S. DOE that the
project was placed in service, or if there are other violations of
Section 48C tax law.. Additional information regarding the factors
that may cause actual results to differ materially from these
forward-looking statements is available in the Company's filings
with the Securities and Exchange Commission, including the Annual
Report on Form 10-K for the year ended June
30, 2023. The Company assumes no obligation to update any of
the information contained or referenced in this press release.
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SOURCE American Battery Technology Company