American Battery Technology Company (OTCMKTS:ABML) has been selected as a recipient of competitive funding under the Bipartisan Infrastructure Law to expand domestic manufacturing of battery grade lithium hydroxide for lithium-ion batteries for electric vehicles.
Trading Data
On Friday, ABML stock moved up 18.45% to $0.6899 with more than 5.72 million shares, compared to its average volume of 1.48 million shares. The stock moved within a range of $0.5913 – 0.7100 after opening trading at $0.6299.
American Battery Technology Company Selected for US DOE Grant for $115M First-of-Kind Commercial-Scale Lithium Manufacturing Facility
The focus will be on domestic processing of materials and components that are presently imported from foreign countries. The company was awarded $57 million towards this project from the U.S. Department of Energy (DOE), in conjunction with grant partners DuPont Water Solutions, University of Nevada, Reno, and Argonne National Laboratory.
They will design, construct, commission, and operate a first-of-kind commercial scale facility to demonstrate its novel process for the manufacturing of battery cathode grade lithium hydroxide from unconventional Nevada-based lithium-bearing sedimentary resources.
The objective is to demonstrate that the domestic-U.S. lithium resource base can be expanded via this new low-cost and low-environmental impact process for manufacturing lithium products from unconventional sedimentary resources, at commercial scale. It will allow the U.S. battery manufacturing supply chain to operate in a self-sustaining closed-loop manner.
CEO Ryan Melsert is thrilled about the honor. They are happy to be selected for this investment from the U.S. government to speed up the construction and commissioning of the first-of-kind commercial scale lithium refinery to manufacture battery grade metals from Nevada-based sedimentary claystone resources.
Key Quote
“We are honored and excited to be selected for this investment from the U.S. government to accelerate the construction and commissioning of our first-of-kind commercial scale lithium refinery to manufacture battery grade metals from Nevada-based sedimentary claystone resources,” stated ABTC CEO Ryan Melsert. “The U.S. has unfortunately been essentially a non-player in the lithium manufacturing industry in recent decades, and while the nation has established large amounts of multi-billion dollar electrical vehicle and lithium-ion battery factories in recent years, nearly 100% of the lithium materials that feed these facilities are imported from foreign countries.”
Technical Data
ABML stock is trading above the 20-Day and 50-Day Moving averages of $0.60 and $0.65 respectively. However, the stock is trading below the 200-Day moving average of $0.86.
