Award to supplement capital expenditures to
accelerate construction and commissioning of next-generation
lithium-ion battery recycling facility to enable expanded North
American closed-loop battery metals supply chain
RENO,
Nev., April 4, 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, has been selected
for an additional award of $40.5
million through the Qualifying Advanced Energy Project
Credits program (48C) to support the design and construction
of a new, next-generation, commercial battery recycling facility to
be located in the United States.
As with ABTC's initial $20 million
tax credit award under the 48C program supporting the
construction and buildout of its battery recycling facility in
Nevada, this additional 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.
"ABTC and our partners have been engaging with nearly every
major automotive OEM and battery cell manufacturer in the world to
present the services we offer of domestic, low-cost, and low
environmental impact recycling of lithium-ion batteries, the
manufacturing of precursor materials, and the synthesis of refined
materials such as high-recycled metal content high energy density
cathode active material (CAM)," stated American Battery Technology
Company CEO Ryan Melsert. "We are
now at the point where we have more feedstock battery material for
recycling under negotiations than can be processed in our current
Nevada facility, and as a result
we have been conducting preliminary design and site selection
processes for our next commercial-scale recycling facility.
Melsert continued, "This next facility will be strategically
aligned with our partner facilities in location and throughput, and
we are excited to have received this support from the U.S.
Government to apply these $40.5M in
credits towards the accelerated construction and start of
operations of this pivotal facility intended to significantly
increase the Nation's capacity to manufacture domestic critical
battery minerals."
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 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.
ABTC has been awarded over $60
million through the 48C program and over $70 million in U.S. DOE grants to support
investment in the company's battery recycling and primary battery
metals commercialization efforts to buildout a domestic battery
metals circular supply chain.
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.
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