American Battery Technology Company (ABTC), a leading provider of critical battery materials, has received a Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM) for $900 million. The proposed financing will support the construction of a commercial-scale lithium mine and refinery near Tonopah, Nevada, capable of producing nearly 33,000 tons of lithium hydroxide annually.
Project Details
The project aligns with ABTC’s goal of commercializing its technologies for primary battery minerals manufacturing and secondary lithium-ion battery recycling. The company’s innovative approach focuses on extracting lithium from unconventional claystone material found in central Nevada, addressing the U.S. shortage of conventional lithium resources.
ABTC’s CEO, Ryan Melsert, expressed excitement about the potential financial support, stating that it could greatly accelerate the commercialization of their domestic critical mineral mine and refinery. The development follows ABTC’s partnership with engineering firm Black & Veatch to support the commercial-scale design and construction of the Nevada manufacturing facility.
Significance and Background
The project supports EXIM’s ‘Make More in America’ initiative and its ‘China and Transformational Export Program,’ designed to provide financing for U.S. companies competing with China in critical export areas. This initiative follows an executive order from the U.S. President directing federal agencies to unlock permitting, funding, and offtake agreements for domestic critical mineral manufacturing facilities.
ABTC’s technical and economic study, published in April 2024, concluded that the Nevada resource would serve as one of the largest known lithium resources in the U.S. The company’s innovative approach to lithium production from claystone material is expected to contribute significantly to domestic battery-grade lithium materials production.
