American Battery Technology Company Awarded Additional $40.5M Competitive Tax Credit To Accelerate Construction Of Next Battery Recycling Facility
Portfolio Pulse from Benzinga Newsdesk
American Battery Technology Company (ABTC) has been awarded an additional $40.5M tax credit by the U.S. Department of Treasury to accelerate the construction of a new lithium-ion battery recycling facility in the U.S. This award, part of the Qualifying Advanced Energy Project Credits program, supplements a previous $20M credit and aims to expand North America's closed-loop battery metals supply chain. ABTC is engaging with major automotive OEMs and battery cell manufacturers for recycling services and is planning the new facility to increase domestic critical battery minerals manufacturing capacity.
April 04, 2024 | 1:26 pm
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ABTC has been awarded an additional $40.5M tax credit to accelerate the construction of a new lithium-ion battery recycling facility, supplementing a previous $20M credit, aiming to expand the closed-loop battery metals supply chain in North America.
The additional $40.5M tax credit awarded to ABTC by the U.S. Department of Treasury is a significant financial boost that will likely accelerate the construction and commissioning of its new lithium-ion battery recycling facility. This development is expected to enhance ABTC's position in the North American battery recycling market and could lead to increased investor confidence in the company's growth prospects and sustainability initiatives. The direct financial support from the government, coupled with ABTC's ongoing partnerships with major automotive and battery manufacturers, suggests a positive outlook for the company's expansion and operational capabilities in the short term.
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