American Battery Technology Company (OTCQB:ABML) (ABTC) said the past 12 months have been “transformational” for the company as it accelerates toward commercializing both its primary minerals manufacturing and secondary minerals lithium-ion battery recycling technologies.
The company said it finished fiscal 2022 with a cash balance of $29 million, up from $16.1 million in the previous fiscal year.
ABTC also highlighted significant construction progress on its pilot plant for the recycling of lithium-ion batteries in Fernley, Nevada. The company said it anticipates beginning the commissioning of Phase 1 of the plant by year-end 2022 and ramping throughput throughout calendar 2023.
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Other highlights from fiscal 2022 include the addition of key engineering and research personnel to facilitate the company’s accelerated transition to commercialization; the appointment of a new CEO, chief operating officer, CFO, and general counsel, and a fully reconstituted independent board; and a $1.1 million investment in research and development to advance the company’s proprietary technologies.
ABTC CEO Ryan Melsert said, over the past year, with new leadership in place, the company has prioritized the technical demonstration of its core technologies, the formation of collaborations and partnerships with our key corporate strategics, and the construction and commissioning of its initial revenue-generating facilities.
“We are experiencing unprecedented tailwinds in this domestic battery metals industry, where corporate OEMs, institutional investors, the federal government, and state governments are all aligned in demanding the rapid scale-up and commercialization of domestic battery mineral technologies and facilities,” he said. “We are working with each of our stakeholders on a daily basis to ensure that we are addressing these needs as rapidly as possible.”
ABTC 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 resource development.
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