OIL - American Battery Technology Company Awarded Additional $40 Million Competitive Tax Credit to Accelerate Construction of Next Battery Recycling Facility | Benzinga
Award to supplement capital expenditures to accelerate construction and commissioning of next-generation lithium-ion battery recycling facility to enable expanded North American closed-loop battery metals supply chain
RENO, Nev., April 4, 2024 /PRNewswire/ -- American Battery Technology Company (ABTC) (NASDAQ:ABAT), an integrated critical battery materials company that is commercializing its technologies for both primary battery minerals manufacturing and secondary minerals lithium-ion battery recycling, has been selected for an additional award of $40.5 million through the Qualifying Advanced Energy Project Credits program (48C) to support the design and construction of a new, next-generation, commercial battery recycling facility to be located in the United States. As with ABTC's initial $20 million tax credit award under the 48C program supporting the construction and buildout of its battery recycling facility in Nevada, this additional award was granted by the U.S. Department of Treasury Internal Revenue Service following a highly competitive technical and economic review process performed by the U.S. Department of Energy (DOE), which evaluated the feasibility of applicant facilities to advance America's buildout of globally competitive critical material recycling, processing, and refining infrastructure.
"ABTC and our partners have been engaging with nearly every major automotive OEM and battery cell manufacturer in the world to present the services ...