ABTC receives US$ 20 million tax credit

ABTC receives US$ 20 million tax credit

Award to support capital expenditures to accelerate deployment of next phase of critical battery minerals manufacturing

  • By ICN Bureau | April 05, 2024

American Battery Technology Company (ABTC), an integrated critical battery materials company that is commercializing its technologies for both primary battery minerals manufacturing and secondary minerals lithium-ion battery recycling, was selected for an approximately US$ 20 million award through the Qualifying Advanced Energy Project Credits program (48C).

This 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.

"We are proud to have been selected for this highly competitive award, and humbled to have been chosen within a program where less than one-tenth of the requested funds were ultimately selected for award," stated ABTC CEO Ryan Melsert.

"These funds will facilitate the acceleration of the buildout and start of operations of our commercial scale hydrometallurgy-based recycled battery minerals processing and refinement systems to increase the overall capacity for domestic critical mineral manufacturing."

Combined with ABTC's previously awarded U.S. DOE grants totaling over $70 million, these funds support investment in the company's battery recycling and primary battery metals commercialization efforts to buildout a domestically-sourced battery metals circular supply chain. 

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