U.S. Department of Energy Awards $57 Million Grant to American Battery Technology Company for Commercial-Scale Lithium Hydroxide Refinery Project

10 Sep, 2023

U.S. Department of Energy Awards $57 Million Grant to American Battery Technology Company for Commercial-Scale Lithium Hydroxide Refinery Project

American Battery Technology Company (ABTC), listed on OTCQX as ABML, has successfully secured a $57 million contract from the U.S. Department of Energy (DOE) for a multi-year initiative aimed at designing, constructing, and operating a groundbreaking commercial-scale lithium hydroxide manufacturing facility in Tonopah, Nevada.

This grant award represents a significant milestone in ABTC's efforts to advance its Tonopah Flats Lithium Project, intended to deliver substantial quantities of domestically produced, environmentally friendly, and cost-effective critical mineral lithium hydroxide to support America's transition towards clean energy. Backed by a recent third-party audited SK-1300-compliant Inferred* Resource Report, the Tonopah Flats Lithium Project stands as one of the largest known lithium deposits in the United States, boasting approximately 15.8 million tons of economically accessible lithium, measured on a carbonate equivalent basis.

ABTC's lithium hydroxide venture is a collaborative endeavor involving esteemed partners such as DuPont Water Solutions, the University of Nevada, Reno, and Argonne National Laboratory, all contributing to the development of this innovative facility for the production of low-cost, eco-friendly, domestically sourced critical battery minerals.

The company has already enlisted the services of the globally recognized construction firm, Black & Veatch, for the engineering, procurement, and construction of this commercial-scale lithium hydroxide refinery, which will rely on ABTC's pioneering processing techniques.

This competitive federal grant was established through the Bipartisan Infrastructure Law, with sponsorship by U.S. Senator Catherine Cortez-Masto of Nevada. According to her, "I take pride in endorsing the Nevada businesses and labor force involved in the extraction, processing, and recycling of vital minerals essential for the expansion of our sustainable energy sector."

U.S. Senator Jacky Rosen of Nevada also expressed her enthusiasm, saying, "As we continue towards a clean energy future, it's important that Nevada leads the way by bolstering domestic energy manufacturing and creating jobs."

U.S. Congressman Steven Horsford of Nevada congratulated ABTC, emphasizing the significance of this project in creating jobs and boosting the local economy, noting that it aligns with Nevada's leadership in battery manufacturing.

Governor Joe Lombardo's five-year economic plan for Nevada is in sync with ABTC's mission to secure a sustainable, domestic supply of battery-grade lithium hydroxide. This initiative aims to generate permanent local jobs, enhance infrastructure, and provide educational opportunities. By leveraging the resources and expertise of collaborating partners, including the Governor's Office of Economic Development and the University of Nevada, Reno, the project has the potential to create more than 150 new skilled regional jobs and promote local community-driven improvements through an environment and equity-focused micro-grants program.

Nevada Governor Joe Lombardo remarked, "This project is an exciting opportunity for the American Battery Technology Company and our entire state," highlighting its importance in diversifying the state's economy and showcasing Nevada's role in driving technological innovation.

About American Battery Technology Company: American Battery Technology Company plays a pivotal role in the domestic production of critical battery metals to meet the surging demand from electric vehicles, electrical grid storage, and consumer electronics industries. Their commitment to ESG principles underscores their focus on creating a closed-loop circular economy for battery metals, ensuring ethical and environmentally sustainable sourcing of critical materials. Through their three divisions—lithium-ion battery recycling, primary metal extraction technologies, and primary resource development—they are uniquely positioned to supply low-cost, environmentally friendly, and domestically sourced battery metals.

*Inferred Resource: An inferred mineral resource is an estimate based on limited geological evidence and sampling. It carries a high level of geological uncertainty and may not be considered when evaluating the economic viability of a mining project.

Forward-Looking Statements: This press release contains forward-looking statements, subject to risks and uncertainties that could cause actual results to differ from expectations. These risks include geological interpretations, exploration results, regulatory requirements, economic conditions, and financing challenges. The company has no obligation to revise or update forward-looking information. Further details can be found in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ending June 30, 2022.