Company continues to ramp operations and manufacture commercial-scale portions of recycled steel merchandise at its first lithium-ion battery recycling facility, and has contracted and begun receiving funds for 2 U.S. Department of Energy grants supporting over $135 million of initiatives

RENO, Nev., Feb. 14, 2024 /PRNewswire/ — American Battery Technology Company (ABTC) (NASDAQ: ABAT), an built-in vital battery supplies firm that’s commercializing its first-of-kind applied sciences for each main battery minerals manufacturing and secondary minerals lithium-ion battery recycling, introduced its second quarter fiscal 12 months (FY) 2024 monetary outcomes, for the interval ending December 31, 2023.  

Highlights from Q2 FY2024 embody: 

• In August 2023, ABTC finalized the acquisition of a move-in prepared, unoccupied commercial-scale, industrial facility positioned within the Tahoe-Reno Industrial Center (TRIC), for the aim of putting in the primary implementation of its built-in lithium-ion battery recycling applied sciences.
• In October 2023, ABTC accomplished the development and set up of the preliminary section of its battery recycling methods into the TRIC facility and started processing commercial-scale portions of battery supplies into business portions of sellable recycled battery steel merchandise.
• ABTC has continued to ramp the throughput of operations at this facility, and is at present including a second shift of operations to additional improve the speed of recycling operations.
• ABTC’s battery recycling operations have efficiently accomplished audit, environmental critiques, and qualification processes with a number of premier world automotive, battery producers, and different strategic authentic gear producers (OEMs), and ABTC is at present in negotiations for portions of feedstock that may signify a number of years’ price of operations on the present TRIC facility.
• As a consequence, in parallel to the finalization and contracting of those potential long-term feedstock agreements, ABTC has begun coordinating with its strategic companions on the location number of its subsequent business battery recycling facility.
• The prime settlement contract for ABTC’s U.S. Department of Energy (DOE) grant to help its $115 million venture for its commercial-scale lithium hydroxide refinery was issued with a venture begin date of September 1, 2023, and ABTC started receiving funds associated to this award throughout this reported quarter.
• The prime settlement contract for ABTC’s U.S. DOE grant to help its $20 million venture for its next-generation superior battery recycling applied sciences was issued with a venture begin date of October 1, 2023, and ABTC started receiving funds associated to this award throughout this reported quarter.
• Total authorities grant funding elevated to $1.7 million for the fiscal year-to-date six months ended December 31, 2023, in comparison with $0.4 million throughout the identical interval of the prior 12 months.
• Cash used for the funding into the acquisition of property, plant, gear, mineral rights, and water rights for the fiscal year-to-date six months ended December 31, 2023 was $10.9 million, in comparison with $10.2 million utilized in the identical interval of the prior 12 months.
• Cash utilized in operations for the fiscal year-to-date six months ended December 31, 2023 was $7.4 million, which is according to the $7.4 million use of money throughout the identical interval of the prior 12 months.
• On August 29, 2023, ABTC entered into an settlement to permit it to difficulty a brand new collection of senior secured convertible notes for as much as $51 million. To date, $25 million of those notes have been issued.

Continued Acceleration Towards Fully-Ramped Battery Recycling Operations
ABTC continues to advance its battery recycling methods to fully-ramped operations at its first commercial-scale lithium-ion battery recycling facility. In its first months of operations, the corporate has efficiently manufactured a big stock of recycled battery steel merchandise on the market to its domestic-U.S. strategic companions. This recycling facility has the capability to course of over 20,000 metric tonnes per 12 months of battery feedstock supplies when absolutely ramped, and several other strategic partnerships have been introduced not too long ago for the sourcing of feed materials and the offtake of recycled merchandise, reminiscent of with BASF.

Concurrent Commercialization of Recycling and Primary Resource Operations
Progressing a brand new expertise from preliminary design, to testing and bench scale validations, to built-in piloting, and thru commercialization is an arduous course of that always takes a few years.  ABTC is concurrently commercializing its first-of-kind applied sciences for each its battery recycling operations and its battery grade lithium hydroxide refining from main claystone with an accelerated, fast-to-market method.  

ABTC’s in-house workforce is comprised of chemists, metallurgists, engineers, development managers, and operators of first-of-kind, large-scale battery manufacturing services, and as such has important expertise managing massive development initiatives and bringing first-of-kind applied sciences to market.

In order to prioritize these twin commercialization efforts, ABTC recorded $5.3 million in analysis and improvement prices for the fiscal year-to-date six months ended December 31, 2023, a rise of $3.3 million when in comparison with the identical interval of the prior 12 months.

Additional current firm data and updates may be discovered at www.americanbattery.com/events-and-presentations together with:

• 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 applied sciences to unlock domestically manufactured and recycled battery metals critically wanted to assist meet the numerous demand from the electrical car, stationary storage, and shopper electronics industries.  Committed to a round provide chain for battery metals, ABTC works to repeatedly innovate and grasp new battery metals applied sciences that energy a world transition to electrification and the way forward for sustainable vitality.

Forward-Looking Statements  
This press launch comprises “forward-looking statements” throughout the that means of the protected harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, apart from statements of historic truth, are “forward-looking statements.” Although the American Battery Technology Company’s (the “Company”) administration believes that such forward-looking statements are cheap, it can’t assure that such expectations are, or will probably be, appropriate. These forward-looking statements contain a lot of dangers and uncertainties, which may trigger the Company’s future outcomes to vary materially from these anticipated. Potential dangers and uncertainties embody, amongst others, dangers and uncertainties associated to the Company’s skill to proceed as a going concern; interpretations or reinterpretations of geologic data, unfavorable exploration outcomes, lack of ability to acquire permits required for future exploration, improvement or manufacturing, common financial circumstances and circumstances affecting the industries by which the Company operates; the uncertainty of regulatory necessities and approvals; fluctuating mineral and commodity costs, remaining funding approval and the flexibility to acquire vital financing on acceptable phrases or in any respect. Additional data relating to the components which will trigger precise outcomes to vary materially from these forward-looking statements is out there within the Company’s filings with the Securities and Exchange Commission, together with the Annual Report on Form 10-Ok for the 12 months ended June 30, 2023. The Company assumes no obligation to replace any of the knowledge contained or referenced on this press launch.

SOURCE American Battery Technology Company