American Battery Technology Shares Rise 20% After $20 Million Award From DoE

By Chris Wack

American Battery Technology shares were rose after the company said it was selected for a $20 million award through the Qualifying Advanced Energy Project Credits program granted by the U.S. Department of Treasury's Internal Revenue Service.

Shares were up 20% to $1.96 in recent trading. The stock hit its 52-week low of $1.56 on April 2, and is down 85% in the past 12 months.

The award follow a technical and economic review process performed by the U.S. Department of Energy, which evaluated the feasibility of applicant facilities to advance the buildout of critical material recycling, processing and refining infrastructure.

American Battery said the $20 million award can be used both for the reimbursement of capital expenditures spent to date, and also for equipment and infrastructure for additional value-add operations at its battery recycling facility in the Tahoe-Reno Industrial Center in Storey County, Nevada.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

April 03, 2024 10:41 ET (14:41 GMT)

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