American Battery Technology Company Releases Second Quarter Fiscal Year 2024 Financial Report
Company continues to ramp operations and manufacture commercial-scale quantities of recycled metal products at its first lithium-ion battery recycling facility, and has contracted and begun receiving funds for two
Highlights from Q2 FY2024 include:
- In August 2023, ABTC finalized the purchase of a move-in ready, unoccupied commercial-scale, industrial facility located in the Tahoe-Reno Industrial Center (TRIC), for the purpose of installing the first implementation of its integrated lithium-ion battery recycling technologies.
- In October 2023, ABTC completed the construction and installation of the initial phase of its battery recycling systems into the TRIC facility and began processing commercial-scale quantities of battery materials into commercial quantities of sellable recycled battery metal products.
- ABTC has continued to ramp the throughput of operations at this facility, and is currently adding a second shift of operations to further increase the rate of recycling operations.
- ABTC's battery recycling operations have successfully completed audit, environmental reviews, and qualification processes with several premier global automotive, battery manufacturers, and other strategic original equipment manufacturers (OEMs), and ABTC is currently in negotiations for quantities of feedstock that would represent several years' worth of operations at the current TRIC facility.
- As a result, in parallel to the finalization and contracting of these prospective long-term feedstock agreements, ABTC has begun coordinating with its strategic partners on the site selection of its next commercial battery recycling facility.
- The prime agreement contract for ABTC's
U.S. Department of Energy (DOE) grant to support its project for its commercial-scale lithium hydroxide refinery was issued with a project start date of September 1, 2023, and ABTC began receiving funds related to this award during this reported quarter.$115 million - The prime agreement contract for ABTC's
U.S. DOE grant to support its project for its next-generation advanced battery recycling technologies was issued with a project start date of October 1, 2023, and ABTC began receiving funds related to this award during this reported quarter.$20 million - Total government grant funding increased to
for the fiscal year-to-date six months ended December 31, 2023, compared to$1.7 million during the same period of the prior year.$0.4 million - Cash used for the investment into the acquisition of property, plant, equipment, mineral rights, and water rights for the fiscal year-to-date six months ended December 31, 2023 was
, compared to$10.9 million used in the same period of the prior year.$10.2 million - Cash used in operations for the fiscal year-to-date six months ended December 31, 2023 was
, which is in line with the$7.4 million use of cash during the same period of the prior year.$7.4 million - On August 29, 2023, ABTC entered into an agreement to allow it to issue a new series of senior secured convertible notes for up to
. To date,$51 million of these notes have been issued.$25 million
Continued Acceleration Towards Fully-Ramped Battery Recycling Operations
ABTC continues to advance its battery recycling systems to fully-ramped operations at its first commercial-scale lithium-ion battery recycling facility. In its first months of operations, the company has successfully manufactured a large inventory of recycled battery metal products for sale to its domestic-
Concurrent Commercialization of Recycling and Primary Resource Operations
Progressing a new technology from initial design, to testing and bench scale validations, to integrated piloting, and through commercialization is an arduous process that often takes many years. ABTC is concurrently commercializing its first-of-kind technologies for both its battery recycling operations and its battery grade lithium hydroxide refining from primary claystone with an accelerated, fast-to-market approach.
ABTC's in-house team is comprised of chemists, metallurgists, engineers, construction managers, and operators of first-of-kind, large-scale battery manufacturing facilities, and as such has significant experience managing large construction projects and bringing first-of-kind technologies to market.
In order to prioritize these dual commercialization efforts, ABTC recorded
Additional recent company information and updates can be found at www.americanbattery.com/events-and-presentations including:
- American Battery Technology Company's Annual Meeting of Shareholders Fiscal 2024, Presentation
- American Battery Technology Company's Annual Meeting of Shareholders Fiscal 2024, Video Playback
- American Battery Technology Company's January Overview and Analyst Q&A, Video Playback
About American Battery Technology Company
American Battery Technology Company (ABTC), headquartered in
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the
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SOURCE American Battery Technology Company