Supporting the construction of U.S. commercial operations for lithium-ion battery materials through recycled and virgin resources
Reno, Nevada , August 31, 2023 /PRNewswire/ — American Battery Technologies, Inc. (“ABTC”) (OTCQX: ABML), an integrated battery materials technology company, announced today that it has secured funding to advance the company’s commercial-scale construction projects following completion of a competitive due diligence process, The company has completed up to $50 million Zero Coupon, Senior Secured Convertible Notes.
American Battery Technologies Inc. $50 million Investment in the commercialization of lithium-ion battery materials in the United States.
“This capital investment supports the continued development of our core programs as we progress from pilot and demonstration scale systems to commercial scale facilities in each business segment,” said ABTC CEO. Ryan Mercert. “We have evaluated a number of financing alternatives over the past few months and this use of debt financing fits very well with our growth plans.”
The funds will support the near-term expansion of ABTC’s battery materials processing operations, including:
1) Li-ion battery recycling: ABTC is currently commissioning the first phase of its first commercial-scale recycling facility, which utilizes technology developed in-house at ABTC to strategically dismantle and recycle battery components. A second phase will be added later, which includes a targeted series of chemical extractions for the manufacture of battery-grade critical materials, and a third phase of these battery recycling operations will be integrated to further increase material recovery and reduce operating costs. ABTC was recently selected for a grant from the U.S. Department of Energy (DOE) $20 million The program supports Phase 3 commercialization, and the funding announced this time will directly support these efforts.
2) Development of primary lithium resources: ABTC is working to develop and commercialize its 10,340-acre lithium-bearing claystone deposit Nevada, recently identified as one of the largest known lithium deposits in the United States, with an inferred* resource of 15.8 million tonnes of lithium carbonate equivalent. These announced funds will support the current exploration program to continue to upgrade the domestic resource from its current “inferred” resource to the “measured and indicated” resource classification, and to continue permitting operations to commercialize this domestic resource of critical materials.
3) Primary lithium hydroxide refinery: ABTC has developed its own technology to refine its lithium-bearing clay resources into battery-grade lithium hydroxide products. The integrated process is currently being demonstrated at its pilot plant, supported by a 2021 US Department of Energy grant, with a processing capacity of up to 5 tons per day. Due to the early success of these efforts, the U.S. Department of Energy selected ABTC in Fall 2022 to provide additional funding for the following projects: $115 million The project will build a commercial-scale lithium hydroxide refinery based on these first-of-its-kind technologies. The investment funds announced this time will serve as matching funds to directly support these commercial-scale construction efforts.
AGP/Alliance Global Partners acted as the exclusive placement agent for the financing.
About American Battery Technologies
American Battery Technology Corporation provides a major source of domestically manufactured critical battery metals to help meet the needs of the electric vehicle, grid storage and consumer electronics industries. Focused on ESG principles, the company is committed to creating a closed-loop circular economy for battery metals through ethical and environmentally sustainable sourcing of critical and strategic materials. Through its three divisions, Li-ion battery recycling, primary metal extraction technology and primary resource development, the company is uniquely positioned to supply low-cost, low-impact domestic battery metals.
An Inferred Mineral Resource is that portion of a Mineral Resource for which quantity, grade or quality is estimated based on limited geological evidence and sampling. The level of geological uncertainty associated with an Inferred Mineral Resource is too high to apply relevant technical and economic factors that could affect the prospects for economic extraction in a manner that facilitates the assessment of economic viability. As the Geological Confidence of Inferred Mineral Resources is the lowest of all Mineral Resources, this prevents the application of correction factors in a manner that facilitates the assessment of economic viability and therefore may not be considered when assessing the economic viability of a Mineral Resource Inferred Mineral Resources. Mining projects may not be converted into mineral reserves.
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are “forward-looking statements”. Although management of American Battery Technologies, Inc. (the “Company”) believes that such forward-looking statements are reasonable, there can be no assurance that such expectations are or will turn out to be correct. These forward-looking statements involve a number of risks and uncertainties that could cause the company’s future results to differ materially from expectations. Potential risks and uncertainties include, but are not limited to, interpretation or reinterpretation of geological information, adverse exploration results, inability to obtain licenses required for future exploration, development or production, general economic conditions and conditions affecting the industry in which the Company operates; Uncertainty about regulatory requirements and approvals; volatile mineral and commodity prices, final investment approvals and the ability to obtain necessary financing on acceptable terms or at all.For more information about factors that could cause actual results to differ materially from these forward-looking statements, please refer to the company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended June 30, 2022. The company undertakes no obligation to update any information contained or referenced in this press release.
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SOURCE: US Battery Technology Corporation
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