American Battery Technology Company Awarded Additional $40 Million Competitive Tax Credit to Accelerate Construction of Next Battery Recycling Facility
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.
- 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.
- "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.
- 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.