Technology

Pioneering the Future: ABTC's Advanced Battery Recycling Facility Receives Major Government Grant

RENO, Nev., April 4, 2024 /PRNewswire/ -- American Battery Technology Company (ABTC), renowned for its pioneering role in the critical battery materials sector, has achieved a significant milestone by securing an additional $40.5 million in government backing. This financial boost from the Qualifying Advanced Energy Project Credits program (48C) is set to accelerate the development of a state-of-the-art, next-generation commercial battery recycling facility within the United States. The considerable sum not only supports the facility's design and construction but also underscores ABTC's ongoing commitment to fostering a robust, domestically sustained closed-loop battery metals supply chain.

This latest contribution is a follow-up to ABTC's earlier acquisition of a $20 million tax credit awarded under the same program, which aided in constructing a battery recycling facility in Nevada. The U.S. Department of Treasury Internal Revenue Service dispensed the additional award after an extensive review of technical and economic aspects by the U.S. Department of Energy (DOE). This stringent evaluation process assessed the applicants' potential to bolster America's competitive edge in the recycling, processing, and refining infrastructure for critical materials.

The above image showcases the lithium-ion batteries designated for future recycling by American Battery Technology Company. These batteries, procured for a pioneering purpose, stand as testament to the company's strategic vision, further solidified by the $40.5 million grant from the 48C program to construct an avant-garde recycling facility in the U.S.

"ABTC, along with our industry allies, has devoted substantial effort in liaising with virtually all major automotive OEMs and battery cell manufacturers globally. We aim to explicate the myriad benefits we extend through domestic, eco-friendly, and cost-efficient recycling services of lithium-ion batteries," remarked Ryan Melsert, the CEO of American Battery Technology Company. "Having surpassed our feedstock capacity for our Nevada endeavor, we're looking ahead to the preliminary design and pinpointing an appropriate site for our forthcoming large-scale recycling facility."

Advancing National Capability for Critical Battery Minerals

Ryan Melsert further elaborated on ABTC's vision for the new facility, emphasizing its strategic alignment with partner sites regarding location and output capabilities. The government’s financial support is instrumental in hastening the construction and operational commencement of this crucial installation. The goal is to notably elevate the nation's proficiency in generating home-grown critical battery resources.

The technological innovation intrinsic to ABTC's recycling process involves an initial de-manufacturing phase followed by a precise chemical extraction process. This allows for a highly efficient material recovery that is economical and ecologically minded. These company-owned recycling processes have secured numerous corporate honors and government grants due to their distinct nature when contrasted with more traditional recycling methodologies, which tend to depend heavily on high-temperature smelting or generic shredding operations.

To date, ABTC has culminated over $60 million in aggregate funds through the 48C program and in excess of $70 million in grants from the U.S. DOE. These investments support the company's ambitious drives to advance battery recycling and primary battery metals manufacturing projects to establish a self-sustaining domestic supply chain for battery metals.

Pictured above are lithium-ion batteries acquired by American Battery Technology Company for recycling initiatives. The battery metals recuperated via ABTC's unique recycling process bear the potential for infinite reutilization in the U.S. battery metals supply chain.

Fostering Community Employment Opportunities

The company takes pride in amplifying job accessibility for community members, including those traditionally underrepresented or beset by employment hindrances. This initiative is realized through strategic partnerships with workforce development bodies and other government agencies, leveraging investments made by the U.S. DOE.

About American Battery Technology Company

Headquartered in Reno, Nevada, ABTC spearheads innovation in the battery metals technology sphere. It diligently pursues breakthrough technologies that harvest vital battery metals critical for the surging demands of electric vehicles, stationary power storage, and consumer electronics markets. Dedicated to a circular economy model for battery metals, ABTC persists in perfecting new techniques for battery metals, championing the global shift toward electrification and the advent of sustainable energy.

Forward-Looking Statements Advisory

This press release includes forward-looking statements as defined under the U.S. Private Securities Litigation Reform Act of 1995. Statements other than historical facts are forward-looking statements. The management of American Battery Technology Company believes these statements are based on reasonable assumptions but ensures no certainty that expectations will prove correct. These statements feature risks and uncertainties that could cause actual outcomes to differ from predictions.

Key areas of uncertainty include the firm's continuity, obtaining necessary permits for future endeavors, the volatility of economic conditions and industry markets, meeting regulatory requirements, fluctuating commodity prices, and complying with tax credit provisions. Notable risks include failing to meet prevailing wage and apprenticeship requirements, not adhering to the application commitments for tax credits, certification issues, and other potential violations of Section 48C tax law.

For more comprehensive information on these and other risks, please refer to the filings available from the Company with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year concluded on June 30, 2023. The Company reserves the right to modify the content of this press release as needed.

Commitment to Clean Energy Supply Chain

This substantial investment in ABTC's innovative battery recycling facility marks a significant step forward for the United States in its endeavor to create a clean, sustainable energy supply chain. By capitalizing on this generous award from the 48C program, ABTC is well-positioned to drive forward the nation's technological prowess in battery recycling.

Their efforts serve as a bridge between traditional automotive and energy sectors and the burgeoning green economy. With its forward-thinking approach and strategic implementation of new technologies, ABTC is not only contributing to the environmental health but is also embarking upon a path of economic revitalization through job creation and industry evolution.

Source: American Battery Technology Company

Conclusion

This ambitious turn of events underlines the commitment of both ABTC and the U.S. government to underpin cutting-edge green technology ventures. ABTC's vision and strategy align with the broader national interests of conservation, efficient resource management, and establishing long-term economic growth patterns that hinge on renewable and recycled resources.

In an era where sustainability and clean energy have become global imperatives, initiatives like this not only exemplify actionable corporate responsibility but also pave the way for the United States to take a leadership role in the next wave of global environmental stewardship and innovation.

The significant financial backing secured through the Qualifying Advanced Energy Project Credits program is not merely an investment in ABTC's proposed facility but represents an infusion into the broader narrative of conscious capitalism. It is a testament to the fruitful synergy between technology, policy, and sustainable development that can lead today's economy into a greener and more prosperous future.

Please find more information at the following links regarding the Qualifying Advanced Energy Project Credits program and ABTC's initial tax credit award:

• Qualifying Advanced Energy Project Credits program (48C)
• ABTC's initial $20 million tax credit award

Invigorating the U.S. Energy Economy

As ABTC takes the helm in reshaping the battery recycling landscape, the broader implications of their work ripple out far beyond their Nevada headquarters. With the enhanced capability of the new facility, ABTC will be able to recycle an even greater volume of lithium-ion batteries, thereby reducing reliance on imported raw materials and fortifying national energy security.

The continued expansion of ABTC's operations and the integration of their recycling technology into the U.S.'s industrial fabric signify a pivotal shift towards a resilient energy economy. This comes at a critical juncture where the demand for battery metals soars alongside the burgeoning electric vehicle market and the general push for renewable energy sources.

American Battery Technology Company's journey embodies the fusion of innovation, sustainability, and economic prudence—elements that are becoming increasingly vital as countries around the world grapple with complex environmental and economic challenges. It is through such advancements and the embrace of cleaner, greener technology that a brighter, more sustainable future can be crafted not only for the United States but for the global community as a whole.

The $40.5 million Qualifying Advanced Energy Project Credits will underwrite ABTC's endeavors in establishing a commanding presence in the closed-loop battery metals supply sector, with effects that promise to amplify industrial productivity while ameliorating environmental footprint. Such multi-faceted beneficial outcomes underscore the significance of continuous advancement and governmental support in pioneering areas of the new energy landscape.

In conclusion, the union of ABTC's innovative approach to battery recycling with the financial input from the 48C program carves out a new chapter in America's energy story. It stands as a vibrant illustration of how strategic collaboration and investment can drive significant breakthroughs, lead a nation towards energy independence, and hold the promise of a cleaner, more sustainable tomorrow.