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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.
Posted In: ABAT
