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 U.S. Department of
Energy grants supporting over $135
million of projects
RENO, Nev., Feb. 14, 2024 /PRNewswire/ -- American Battery
Technology Company (ABTC) (NASDAQ: ABAT), an integrated
critical battery materials company that is commercializing its
first-of-kind technologies for both primary battery minerals
manufacturing and secondary minerals lithium-ion battery recycling,
announced its second quarter fiscal year (FY) 2024 financial
results, for the period ending December
31, 2023.
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 $115
million 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.
- The prime agreement contract for ABTC's U.S. DOE grant to
support its $20 million 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.
- Total government grant funding increased to $1.7 million for the fiscal year-to-date six
months ended December 31, 2023,
compared to $0.4 million during the
same period of the prior year.
- 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 $10.9 million,
compared to $10.2 million used in the
same period of the prior year.
- Cash used in operations for the fiscal year-to-date six months
ended December 31, 2023 was
$7.4 million, which is in line with
the $7.4 million use of cash during
the same period of the prior year.
- 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 $51 million. To date, $25
million of these notes have been issued.
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-U.S. strategic partners. This recycling facility has the
capacity to process over 20,000 metric tonnes per year of battery
feedstock materials when fully ramped, and several strategic
partnerships have been announced recently for the sourcing of feed
material and the offtake of recycled products, such as with
BASF.
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 $5.3 million in research and
development costs for the fiscal year-to-date six months ended
December 31, 2023, an increase of
$3.3 million when compared to the
same period of the prior year.
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
Reno, Nevada, has pioneered
first-of-kind technologies to unlock domestically manufactured and
recycled battery metals critically needed to help meet the
significant demand from the electric vehicle, stationary storage,
and consumer electronics industries. Committed to a circular
supply chain for battery metals, ABTC works to continually innovate
and master new battery metals technologies that power a global
transition to electrification and the future of sustainable
energy.
Forward-Looking Statements
This press release contains "forward-looking statements" within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical fact, are "forward-looking
statements." Although the American Battery Technology Company's
(the "Company") management believes that such forward-looking
statements are reasonable, it cannot guarantee that such
expectations are, or will be, correct. These forward-looking
statements involve a number of risks and uncertainties, which could
cause the Company's future results to differ materially from those
anticipated. Potential risks and uncertainties include, among
others, risks and uncertainties related to the Company's ability to
continue as a going concern; interpretations or reinterpretations
of geologic information, unfavorable exploration results, inability
to obtain permits required for future exploration, development or
production, general economic conditions and conditions affecting
the industries in which the Company operates; the uncertainty of
regulatory requirements and approvals; fluctuating mineral and
commodity prices, final investment approval and the ability to
obtain necessary financing on acceptable terms or at all.
Additional information regarding the factors that may cause actual
results to differ materially from these forward-looking statements
is available in the Company's filings with the Securities and
Exchange Commission, including the Annual Report on Form 10-K for
the year ended June 30, 2023. The
Company assumes no obligation to update any of the information
contained or referenced in this press release.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/american-battery-technology-company-releases-second-quarter-fiscal-year-2024-financial-report-302062363.html
SOURCE American Battery Technology Company