By: ICN Bureau
Last updated : September 01, 2023 8:37 am
Supports construction of commercial business operations for US-sourced Lithium-Ion Battery Materials through recycling and primary resources
American Battery Technology Company (ABTC), an integrated battery materials technology company, announced that after completion of a competitive diligence process to secure funding to facilitate advancement of the company's commercial-scale construction projects, the company has consummated a debt financing with a single institutional investor for up to $50 million in zero coupon, Senior Secured Convertible Notes.
"This capital investment supports the continued development of our core projects as we evolve from pilot and demonstration scale systems up to commercial scale facilities in each of our business units," stated ABTC CEO Ryan Melsert. "We evaluated a wide range of financing alternatives over the past several months, and the use of this debt financing is very well aligned with our growth plans."
These funds will support the near-term expansion of ABTCs battery material processing operations, including Lithium-Ion Battery Recycling, Primary Lithium Resource Development and Primary Lithium-Hydroxide Refinery.
A.G.P./Alliance Global Partners acted as sole placement agent for the financing.