Reno, Nevada – September 24, 2024 – American Battery Technology Company (ABTC) (NASDAQ: ABAT), a key player in the critical battery materials sector, has announced its fiscal year (FY) 2024 financial results, ending June 30, 2024. The company, which is commercializing technologies for both primary battery mineral manufacturing and lithium-ion battery recycling, has achieved a significant milestone by generating its first revenue from the sale of recycled lithium-ion battery products. This achievement underscores ABTC’s dedication to building a North American-based circular supply chain for battery metals.
“I am extremely proud of the ABTC team for rapidly progressing through purchasing a vacant facility, installing our internally developed battery recycling equipment, commissioning the processing train, and selling first product to customers within a single year,” stated ABTC CEO Ryan Melsert. “Equally impressive, within this fiscal year in our primary battery metals manufacturing business unit, we evolved from bench scale trials, to designing and constructing a multi-tonne per day integrated demonstration facility, to commissioning this full system, to manufacturing our first large batch of battery grade lithium hydroxide, to hosting a visit from the U.S. Secretary of Energy Jennifer Granholm to personally examine our progress and witness our operations. Our employees are going above and beyond each day to accomplish these groundbreaking achievements to bring to life our company’s vision.”
Fiscal Year 2024 Highlights: Battery Recycling Business
- Facility Implementation: ABTC purchased a vacant building in Summer 2023 and implemented its proprietary lithium-ion battery recycling processing system, completing construction and starting commissioning of a 20,000 tonnes/year facility in Fall 2023.
- Revenue Generation: The company produced commercial quantities of recycled products and generated its first revenue from sales to strategic domestic customers within the fiscal year. Once fully operational, this facility is projected to manufacture multiple battery-grade metals and other recycled products.
- Government Grants and Tax Credits: ABTC was awarded approximately $20 million through the U.S. Department of Energy (DOE) and IRS under the 48C Qualifying Energy Project Credit program for its first lithium-ion battery recycling facility near Reno, Nevada, and approximately $40 million for its second lithium-ion battery recycling facility. The company also received a competitive grant from the U.S. DOE to support its $115 million lithium hydroxide refinery project, with funds starting in September 2023. Additional DOE grants were awarded for a $20 million project in next-generation battery recycling technologies (October 2023) and a $150 million grant for its second commercial-scale lithium-ion battery recycling facility, with project kickoff expected in 2025.
Fiscal Year 2024 Highlights: Primary Battery Metals Manufacturing
- Lithium Hydroxide Production: ABTC successfully constructed and commissioned a multi-tonne per day pilot plant for converting claystone into battery-grade lithium hydroxide (LiOH). LiOH was successfully manufactured from claystone sourced from its Tonopah Flats Lithium Projects (TFLP), establishing a key commercialization milestone for its domestically sourced lithium resources.
- Tonopah Flats Initial Assessment: The company released the Initial Assessment (Preliminary Economic Assessment) for its Tonopah Flats Lithium Project, revealing it as one of the largest lithium deposits in the U.S. The project’s total production costs are estimated at approximately $4,600 per tonne of LiOH, with a Net Present Value at 10% (NPV@10%) of $4.7 billion.
Financial Highlights for Fiscal Year 2024
- Revenue: ABTC generated its first revenue from selling Black Mass produced by its integrated lithium-ion battery recycling facility.
- Government Funding: Government grant funding increased to $3.3 million for the year ended June 30, 2024, compared to $0.9 million in the prior year.
- Cash Use: Cash used for investments totaled $12.9 million for property acquisition, construction, equipment, and mineral and water rights, whereas the prior year saw $36.7 million, primarily for the first battery recycling facility, and water rights. Cash on hand as of June 30, 2024 was reported at $7 million.
- Operational Cash Use: Cash used in operations was $16.9 million, a rise from $13.4 million the previous fiscal year.
- Securities Purchase Agreement: On August 29, 2023, ABTC entered into a Securities Purchase Agreement for up to $51 million in senior secured convertible notes. To date, $25 million of these notes have been issued, $18 million redeemed or converted, and the remaining facility will not be used.
ABTC is focused on accelerating commercialization and sustained long-term growth. The company’s success relies on its low-environmental-impact technologies within the lithium-ion battery recycling and primary battery metals sector.
ABTC hosted its FY 2024 earnings call on Monday, September 23, 2024. The press release, webcast replay, and presentation are available at www.americanbatterytechnology.com/events-presentations.
About American Battery Technology Company
American Battery Technology Company (ABTC), headquartered in Reno, Nevada, develops innovative technologies focused on domestically manufactured and recycled battery metals to meet the surging demand from various industries. Its operations support the transition to electrification while maintaining a circular supply chain.
Forward-Looking Statements
This press release contains forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. The company cannot guarantee the accuracy of these forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from expectations. Detailed information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended June 30, 2024.
