Achieves major milestone by generating
first revenue from recycled lithium-ion battery products
sold to domestic battery manufacturing supply
chain
RENO,
Nev., Sept. 24, 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,
announced its fiscal year (FY) 2024 financial results for the 12
months ended June 30, 2024.
Bringing first-of-kind technologies to market, ABTC's two
business units of lithium-ion battery recycling and primary battery
metals manufacturing are working to build a domestically-sourced,
lithium-ion battery metals circular supply chain for North America.
"I am extremely proud of the ABTC team for rapidly progressing
through purchasing a vacant facility, installing our internally
developed battery recycling equipment, commissioning the processing
train, and selling first product to customers within a single
year," stated ABTC CEO Ryan
Melsert. "Equally impressive, within this fiscal year
in our primary battery metals manufacturing business unit, we
evolved from bench scale trials, to designing and constructing a
multi-tonne per day integrated demonstration facility, to
commissioning this full system, to manufacturing our first large
batch of battery grade lithium hydroxide, to hosting a visit from
the U.S. Secretary of Energy Jennifer
Granholm to personally examine our progress and witness our
operations. Our employees are going above and beyond each day to
accomplish these groundbreaking achievements to bring to life our
company's vision."
Battery Recycling Business Milestones from Fiscal Year
2024:
- Implementation of First Battery Recycling
Facility: ABTC purchased a vacant building in Summer
2023, implemented its internally-developed lithium-ion battery
recycling processing train in this facility, and completed
construction and commenced commissioning of a 20,000 tonnes/year
train in Fall 2023.
- First Revenue from Battery Recycling Operations: ABTC
manufactured commercial quantities of recycled products within this
year and generated its first revenue from the sale of these
products to its strategic domestic customers. Once fully ramped,
this facility has the capacity to manufacture multiple streams of
battery grade metals and other recycled products.
- ABTC was selected by the U.S. Department of Energy (DOE) and
IRS for a highly competitive tax credit award under the 48C
Qualifying Energy Project Credit program for approximately
$20 million to be applied towards the
capital expenditures of its first lithium-ion battery recycling
facility near Reno, Nevada.
- ABTC was selected by the U.S. DOE and IRS for a highly
competitive tax credit award under the 48C Qualifying Energy
Project Credit program for approximately $40
million to be applied towards the capital expenditures of
its second lithium-ion battery recycling facility.
- ABTC was selected for a competitive grant by the U.S. DOE to
support its $115 million project for
its commercial-scale lithium hydroxide refinery, and this prime
agreement was issued with a project start date of September 1, 2023. The company began receiving
funds related to this award during the quarter ending September 30, 2023.
- ABTC was selected for a competitive grant by the U.S. DOE to
support its $20 million project for
its next-generation advanced battery recycling technologies, and
this prime agreement was issued with a project start date of
October 1, 2023. The company began
receiving funds related to this award during the quarter ending
December 31, 2023.
- ABTC was selected for a competitive grant by the U.S. DOE for
$150 million to support the design
and construction of its second commercial scale lithium-ion battery
recycling facility. This award is currently in the contracting
phase and project kickoff is expected in 2025.
Primary Battery Metals Manufacturing Business Milestones from
Fiscal Year 2024:
- Successful Manufacturing Nevada Claystone-to-Lithium
Hydroxide: ABTC completed the construction and commissioning of
its multi-tonne per day claystone-to-battery grade lithium
hydroxide (LiOH) pilot plant and successfully manufactured LiOH
from claystone specifically collected from its Tonopah Flats
Lithium Projects (TFLP), marking a significant milestone in the
commercialization of its internally-developed processes to access
an unrealized domestic primary lithium resource.
- Initial Assessment of Tonopah Flats Lithium Project:
ABTC released the Initial Assessment (Preliminary Economic
Assessment) for its Tonopah Flats Lithium Project, which has been
identified as one of the largest lithium deposits in the U.S., and
demonstrates an economically competitive project with total
production costs of approximately $4,600 per tonne of LiOH and a NPV@10% of
$4.7 billion. This SK-1300 compliant
Initial Assessment raised the material amount of the resource to
Measured and Indicated status and provides a commercialization
pathway that allows for an engineered phased development, with
improved access to the higher quality portions of the resource, and
improved project economics.
Financial Highlights from Fiscal Year 2024:
- First revenue from the sale of commercial quantities of Black
Mass produced by its first integrated lithium-ion battery recycling
facility. Once fully ramped, this facility has the capacity to
process approximately 20,000 MT/year
of battery materials and to produce multiple streams of battery
grade metals and other byproducts.
- Government grant funding increased to $3.3 million for the fiscal year ended
June 30, 2024, compared to
$0.9 million during the prior
year.
- Cash used in investing activities was $12.9 million for the acquisition of property,
construction, equipment, mineral rights, and water rights for the
fiscal year ended June 30, 2024. Cash
used in the same period of the prior year totaled $36.7 million, primarily for acquisition of its
first battery recycling facility, water rights, and equipment.
- As of June 30, 2024, the company
had total cash on hand of $7
million.
- Cash used in operations for the fiscal year ended June 30, 2024 was $16.9
million, compared to $13.4
million during the fiscal year ended June 30, 2023.
- On August 29, 2023, the company
entered into a Securities Purchase Agreement for up to $51 million of a new series of senior secured
convertible notes. To date, $25
million of these notes have been issued and as of
June 30, 2024, $18 million of these notes have been redeemed or
converted, and the company has no plans to use the remaining
facility.
The company remains diligently focused on accelerated
commercialization and long-term sustainable growth to
operationalize its first-of-kind low-environmental-impact
technologies within the lithium-ion battery recycling and primary
battery metals manufacturing sectors.
ABTC hosted its FY 2024 earnings call on Monday, September 23, 2024. The press
release, webcast replay, and presentation are available
at www.americanbatterytechnology.com/events-presentations.
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; 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. 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, 2024. 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