American Battery builds toward battery recycling facility; updates investors on long-term goals

American Battery Metals Corporation (OTCQB:ABML) delivered a corporate update on Wednesday as the company progresses toward the opening of its battery recycling facility in Fernley, Nevada.

The permitting process for the facility is underway. The building will be designed to manage 20,000 metric tons of scrap materials and end-of-life batteries per year, representing approximately $160 million of annualized revenue and a significant increase in the amount of metal recycled globally. Currently, only 90,000 metric tons of battery materials are recycled globally, the company said.

The company is in the process of changing its name to American Battery Technology Company, which the team believes is more representative of its clean energy ambitions.

READ: American Battery Metals appoints Scott Jolcover as chief resource officer

American Battery produces battery metals through three business divisions: the recycling of lithium-ion batteries to recover battery metals, extraction from primary resources and exploration of new primary resources. 

Together, the three approaches work toward the company’s goal of ensuring that battery metals are domestically sourced and reused in an environmentally friendly, closed-loop fashion. The multi-pronged model builds the foundation for a circular economy of battery metals that supports a global shift away from fossil fuel energy sources, the company said.

Demand for lithium-ion batteries is predicted by industry researchers to skyrocket more than tenfold over the next 10 years, the company said. American Battery expects limited announcements for new sources of US-produced battery metals, which would increase pressure on prices of domestically sourced battery metals.

Ultimately, the plan is to increase the production of primary metals used in batteries that power electric cars, grid storage applications, and consumer electronics.

To get there, American Battery is developing a physical pilot factory in Nevada, expanding its technology and management team and positioning its technology platform for commercial deployment and building strategic partnerships.

On the personnel front, Menka Sethi, David Corsaut and Scott Jolcover joined the company last month as COO and CFO and chief resource officer, respectively. Ryan Melsert was promoted to chief technology officer earlier this year.

American Battery has also made hires in construction management, finance, logistics and chemical engineering to accelerate the commercial deployment of our battery material extraction and recycling platform. 

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors