Government Selections of Competitive Grants and Company Investments Spur Continued Acceleration of Technology Deployment and Commercialization
RENO, Feb. 15, 2023 - American Battery Technology Company (ABTC) (OTCQX: ABML), an American critical battery materials company that is commercializing both its primary minerals manufacturing and secondary minerals lithium-ion battery recycling technologies, is pleased to announce financial results from its second fiscal quarter 2023, ending on December 31, 2022.
Investments Spur Continued Acceleration of Technology Deployment and Commercialization
The company's Q2 FY2023 financial report shows continued achievements on the construction and deployment of its first-of-kind technologies through expanded construction and commissioning of the ABTC lithium-ion battery Recycling Pilot Plant and further development of its Tonopah Flats Lithium Project.
Key highlights from the second fiscal quarter of 2023 include:
- ABTC continued to prioritize the construction and integration of equipment for its lithium-ion battery recycling Pilot Plant, and cash used for the acquisition of property, construction, equipment, and water rights for the six months ended December 31, 2022 was $10.2 million
- ABTC was notified that it was selected for negotiations for a $57M U.S. Department of Energy (DOE) competitive award through the Bipartisan Infrastructure Law for the construction of its commercial-scale lithium hydroxide manufacturing facility to develop its unconventional, sedimentary claystone resource near Tonopah, Nev.
- ABTC was notified that it was selected for negotiations for a $10M U.S. DOE competitive award through the Bipartisan Infrastructure Law to validate, test, and commercialize three of its disruptive next generation advanced separation and processing technologies to be integrated into its battery recycling facilities
- Cash used in operations for the six months ended December 31, 2022 was $7.4 million, up 70% year-over-year
- Total operating costs for the six months ended December 31, 2022 were $8.8 million, down 65% year-over-year, including a reduction of $15.2 million as it relates to shares issued for services and stock-based compensation expense when compared to the six months ended December 31, 2021
- Cash was $11.4 million as of December 31, 2022 plus a subscription receivable of $2.0 million
- The company invested $2.0 million in research & development for the six months ended December 31, 2022, up 304% when compared to the same period in the prior year
- Research and development costs were offset by approximately $400,000 from existing government grant award funding for the six months ended December 31, 2022
The company is in contract negotiations with the U.S. DOE for its two most recently awarded competitive grants, both aimed to further develop ABTC's validated advanced processes for the recycling of lithium-ion batteries and for its extraction and manufacturing of lithium hydroxide from claystone resources. These recent grants accelerate commercialization progress already underway to build and operate a multi-ton per day demonstration-scale field site in collaboration with DuPont and the University of Nevada, Reno, funded in part by a $4.5 million grant from the U.S. DOE in 2021, and to advance the commercial recycling and demonstration of its domestic battery supply chain funded in part by the U.S. Advanced Battery Consortium. The company has continued progress on the development of its primary lithium-bearing sedimentary claystone resource and the associated SK-1300 compliant Inferred Resource report.
About American Battery Technology Company
American Battery Technology Company is uniquely positioned to supply low-cost, low-environmental impact, and domestically sourced battery metals through its three divisions: lithium-ion battery recycling, primary battery metal extraction technologies, and primary resources development.
American Battery Technology Company has built a clean technology platform that is used to provide a key source of domestically manufactured critical and strategic battery metals to help meet the near insatiable demand from the electric vehicle, electrical grid storage, and consumer electronics industries. This ESG-principled platform works to create a closed-loop circular economy for battery metals that champions ethical and environmentally sustainable sourcing of critical and strategic materials.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are "forward-looking statements." Although the American Battery Technology Company's (the "Company) management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, interpretations or reinterpretations of geologic information, unfavorable exploration results, inability to obtain permits required for future exploration, development or production, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices, final investment approval and the ability to obtain necessary financing on acceptable terms or at all. Additional 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, 2022. The Company assumes no obligation to update any of the information contained or referenced in this press release.
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SOURCE American Battery Technology Company
