American Battery Technology Company Awarded $20M Tax Credit through Competitive U.S. DOE Process To Advance Its Critical Minerals Battery Recycling Facility
Portfolio Pulse from Benzinga Newsdesk
American Battery Technology Company (ABTC) has been awarded a $20M tax credit by the U.S. DOE to support its battery recycling facility's expansion in Nevada. This award, part of the Qualifying Advanced Energy Project Credits program, will fund capital expenditures and equipment for ABTC's commercial scale recycling operations. ABTC's innovative recycling process aims to recover battery materials efficiently and with a low environmental impact. This funding complements over $70M in previous U.S. DOE grants, furthering ABTC's efforts to establish a domestic battery metals supply chain and support workforce development in Nevada.
April 03, 2024 | 1:17 pm
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ABTC, listed as ABAT on NASDAQ, receives a $20M tax credit from the U.S. DOE to enhance its battery recycling facility, aiming to strengthen the domestic supply chain for battery metals and support local workforce development.
The $20M tax credit awarded to ABTC by the U.S. DOE is a significant financial boost that will likely enhance investor confidence in ABAT's stock. This funding will support the expansion of ABTC's innovative battery recycling operations, which are crucial for establishing a domestic battery metals supply chain. The company's focus on sustainability and workforce development in Nevada also aligns with growing investor interest in socially responsible and environmentally sustainable investments. Given the competitive nature of the award and the potential for ABTC's technology to disrupt the battery recycling industry, this news is expected to have a positive short-term impact on ABAT's stock price.
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