American Battery Technology Co - ABAT STOCK NEWS

American Battery Technology Company (NASDAQ: ABAT) has joined the U.S. Department of Energy's Battery Workforce Challenge, introducing a new 'Design for Recyclability' category for a three-year collegiate and vocational engineering competition. The program involves twelve North American teams designing advanced lithium-ion battery packs for a 2024 Ram ProMaster EV.

ABTC will support students in developing battery packs with a focus on strategic disassembly and recycling, aiming to increase residual value and lower lifecycle costs. The challenge, sponsored by the DOE and Stellantis and managed by Argonne National Laboratory, includes partners like Samsung SDI America and the Volta Foundation. The initiative also aims to establish regional workforce training hubs for EV and battery manufacturing jobs.

American Battery Technology Company (NASDAQ: ABAT) released its fiscal year 2024 financial results, marking significant milestones in both its lithium-ion battery recycling and primary battery metals manufacturing business units. The company achieved its first revenue from recycled lithium-ion battery products sold to the domestic battery manufacturing supply chain. Key highlights include:

1) Implementation of a 20,000 tonnes/year battery recycling facility
2) Selection for multiple DOE grants and tax credits totaling over $200 million
3) Successful production of battery-grade lithium hydroxide from Nevada claystone
4) Release of an Initial Assessment for the Tonopah Flats Lithium Project
5) $3.3 million in government grant funding for FY 2024
6) $7 million cash on hand as of June 30, 2024

ABTC is focused on accelerated commercialization and sustainable growth in the battery materials sector.

American Battery Technology Company (NASDAQ: ABAT) has been selected for a $150 million federal grant from the U.S. Department of Energy to construct its second lithium-ion battery recycling facility. The new facility is designed to process approximately 100,000 tonnes of battery materials per year. ABAT's project will involve partners including BASF, Siemens, Clemson University, and Argonne National Laboratory.

The company plans to create 1,200 construction jobs and 300 operations jobs through this project. ABAT's first recycling facility near Reno, Nevada, was commissioned in Fall 2023. The company has previously received several competitive awards for both battery recycling and primary claystone-to-lithium hydroxide manufacturing technologies.

American Battery Technology Company (NASDAQ: ABAT) has appointed Steven Wu as its new Chief Operating Officer to accelerate the expansion of battery metals manufacturing operations. Wu brings extensive experience in scaling first-of-kind technologies into high-volume manufacturing operations, a important skillset as ABTC progresses in commercializing and ramping up efforts to build a resilient battery metals supply chain for North American customers.

Wu's background includes leadership roles at Rivian, Nuro, Uber, and Apple, where he demonstrated abilities in scaling production, managing partnerships, and leading operational teams. In his new role, Wu will be responsible for accelerating ABTC's commercialization efforts, overseeing manufacturing operations, and working on growth initiatives across the organization.

American Battery Technology Company (NASDAQ: ABAT) has achieved a significant milestone by entering into a binding purchase agreement for its recycled black mass material with a domestic strategic customer. This material, generated from the company's lithium-ion battery recycling facility, contains valuable metals like lithium, nickel, and cobalt. The facility, operational since October 2023, uses a unique de-manufacturing and hydrometallurgical process to recycle batteries and manufacturing scrap. Initially, ABTC considered marketing its black mass globally but decided to prioritize domestic sales to contribute to a North American circular battery metals supply chain. This strategy aims to strengthen local supply chains and avoid dependency on Asian markets.

American Battery Technology Company (NASDAQ: ABAT) recently hosted U.S. Department of Energy Secretary Jennifer Granholm at its facilities. The visit spotlighted ABTC's pioneering lithium-ion battery recycling plant and its novel lithium hydroxide manufacturing from Nevada-based claystone resources. ABTC's demonstration plant, funded by a U.S. DOE grant, successfully produced lithium hydroxide. The company plans to scale this technology to a commercial refinery with a capacity of 30,000 tonnes per year, supported by a $115 million project grant. The recycling facility uses an innovative de-manufacturing process to produce battery-grade materials. ABTC has received several DOE grants, including $40 million for a new commercial recycling facility and $57 million for the lithium hydroxide refinery.

American Battery Technology Company (NASDAQ:ABAT) successfully manufactured lithium hydroxide at its demonstration facility in Nevada using proprietary processing technologies. This development reduces the U.S. reliance on foreign lithium resources. The company aims to secure long-term commercial-scale offtake agreements with strategic partners and plans to accelerate the construction of a DOE-supported 30,000 MT/year lithium hydroxide refinery. The Tonopah Flats Lithium Project, one of the largest lithium deposits in the U.S., will be the location for this refinery. The initiative aims to support the North American critical battery minerals supply chain. ABTC also focuses on lithium-ion battery recycling technologies at its facility in Storey County, Nevada, enhancing its battery materials circular supply chain.

American Battery Technology Company (ABAT) is set to participate in several key industry and financial conferences, focusing on battery metal technologies and sustainable growth in North America's battery supply chain. The events include TD Cowen’s 2nd Annual Sustainability Week (May 21-23, 2024), Greenbiz Circularity 2024 (May 22-24, 2024), BASF Sustainability Matters (June 3-6, 2024), and more. Key ABAT executives, including CEO Ryan Melsert and CFO Jesse Deutsch, will share insights on topics such as circular economies, lithium-ion battery recycling, and critical minerals supply chains. These engagements highlight ABAT's commitment to sustainability and innovation in battery technology.

American Battery Technology Company (NASDAQ: ABAT) announced its third quarter fiscal year 2024 financial results, ending March 31, 2024. The company focuses on battery recycling and lithium hydroxide production. Key achievements include expanding shifts at its Nevada recycling facility, producing recycled materials, and securing agreements for product sales. ABTC received $60 million in tax credits and $10 million in DOE grants. The Tonopah Flats Lithium Project showed an 8% increase in lithium grades and a 7% cost reduction. Financially, ABTC had $6 million in cash, with reduced property acquisition expenses, and paid down convertible note obligations to $9 million.