American Battery awarded additional $40M tax credit for battery recycling

American Battery has been selected for an additional award of $40.5M through the Qualifying Advanced Energy Project Credits program to support the design and construction of a new, next-generation, commercial battery recycling facility to be located in the U.S. As with ABTC’s initial $20M tax credit award under the 48C program supporting the construction and buildout of its battery recycling facility in Nevada, this additional award was granted by the IRS following a competitive review process performed by the Department of Energy. ABTC is commercializing its internally-developed recycling process that utilizes an upfront strategic de-manufacturing process followed by a targeted chemical extraction train in order to recover battery materials with high yields, low cost, and a low environmental footprint. ABTC has been awarded over $60M through the 48C program and over $70M in DOE grants to support investment in the company’s battery recycling and primary battery metals commercialization efforts to buildout a domestic battery metals circular supply chain.