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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): September 23, 2024

 

AMERICAN BATTERY TECHNOLOGY COMPANY
(Exact name of registrant as specified in its charter)

 

Nevada   001-41811   33-1227980
(State or other jurisdiction of   (Commission   (IRS Employer
incorporation or organization)   File No.)   Identification Number)

 

100 Washington Street, Suite 100

Reno, NV

  89503
(Address of principal executive offices)   (Zip Code)

 

(775) 473-4744

(Registrant’s telephone number including area code)

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class   Trading Symbol(s)   Name of Each Exchange on Which Registered
Common stock, $0.001 par value   ABAT   The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 
 

 

Item 2.02 Results of Operations and Financial Condition.

 

On September 23, 2024, American Battery Technology Company (the “Company”) issued a press release announcing that it would hold an earnings call on September 23, 2024, to discuss its financial results for the fiscal year ended June 30, 2024. The full text of the press release issued in connection with the announcement is furnished hereto as Exhibit 99.1.

 

On September 23, 2024, the Company posted an investor presentation to its website used in the earnings call pertaining to the financial results for the fiscal year ended June 30, 2024. On September 24, 2024, the Company issued a press release announcing the Company’s financial results for the fiscal year ended June 30, 2024. The presentation and the press release are furnished hereto as Exhibit 99.2 and Exhibit 99.3, respectively.

 

The information in this Current Report on Form 8-K, including Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

Item 8.01 Other Events.

 

On September 23, 2024, the Company issued a press release announcing that it has been selected for a highly competitive grant for $150 million dollars of federal investment by the U.S. Department of Energy to be applied towards the construction of a new lithium-ion battery recycling facility.

 

A copy of the Company’s press release is attached as Exhibit 99.4 to this Current Report on Form 8-K and is incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
Number
  Description of Exhibit
     
99.1   Press Release, dated September 23, 2024
99.2   Investor Presentation, dated September 23, 2024
99.3   Press Release, dated September 24, 2024
99.4   Press Release, dated September 23, 2024
104   Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document (contained in Exhibit 101)

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  AMERICAN BATTERY TECHNOLOGY COMPANY
     
Date: September 25, 2024 By: /s/ Ryan Melsert
  Name:  Ryan Melsert
  Title: Chief Executive Officer

 

 

 

 

 

Exhibit 99.1

 

 

American Battery Technology Company Hosts Fiscal Year 2024 Earnings Call Today, Monday, September 23, 2024

 

Reno, Nev., September 23, 2024American Battery Technology Company (ABTC) (NASDAQ: ABAT), an integrated critical battery materials company that is commercializing its technologies for both primary battery minerals manufacturing and secondary minerals lithium-ion battery recycling, will release FY24 financial results and host company earnings call today, Monday, September 23, 2024, at 4:30 p.m. ET.

 

Those interested in viewing the Livestream can visit: American Battery Technology Company Livestream FY24. The press release, Livestream replay, and presentation will be available at www.americanbatterytechnology.com/events-presentations.

 

About American Battery Technology Company

 

American Battery Technology Company (ABTC), headquartered in Reno, Nevada, has pioneered first-of-kind technologies to unlock domestically manufactured and recycled battery metals critically needed to help meet the significant demand from the electric vehicle, stationary storage, and consumer electronics industries. Committed to a circular supply chain for battery metals, ABTC works to continually innovate and master new battery metals technologies that power a global transition to electrification and the future of sustainable energy.

 

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, risks and uncertainties related to the Company’s ability to continue as a going concern; 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. 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, 2023. The Company assumes no obligation to update any of the information contained or referenced in this press release.

 

###

 

American Battery Technology Company

 

Media Contact:

Tiffiany Moehring

tmoehring@batterymetals.com

720-254-1556

 

1

 

 

Exhibit 99.2

 

 

 
 

 

 

 
 

 

 

 
 

 

 

 
 

 

 

 
 

 

 

 
 

 

 

 
 

 

 

 
 

 

 

 
 

 

 

 
 

 

 

 
 

 

 

 
 

 

 

 
 

 

 

 
 

 

 

 
 

 

 

 
 

 

 

 
 

 

 

 
 

 

 

 
 

 

 

 

 

 

Exhibit 99.3

 

 

American Battery Technology Company Releases Fiscal Year 2024 Financial Results

 

Achieves major milestone by generating first revenue from recycled lithium-ion battery products sold to domestic battery manufacturing supply chain

 

Reno, Nev., September 24, 2024American Battery Technology Company (ABTC) (NASDAQ: ABAT), an integrated critical battery materials company that is commercializing its technologies for both primary battery minerals manufacturing and secondary minerals lithium-ion battery recycling, announced its fiscal year (FY) 2024 financial results for the 12 months ended June 30, 2024.

 

Bringing first-of-kind technologies to market, ABTC’s two business units of lithium-ion battery recycling and primary battery metals manufacturing are working to build a domestically-sourced, lithium-ion battery metals circular supply chain for North America.

 

“I am extremely proud of the ABTC team for rapidly progressing through purchasing a vacant facility, installing our internally developed battery recycling equipment, commissioning the processing train, and selling first product to customers within a single year,” stated ABTC CEO Ryan Melsert. “Equally impressive, within this fiscal year in our primary battery metals manufacturing business unit, we evolved from bench scale trials, to designing and constructing a multi-tonne per day integrated demonstration facility, to commissioning this full system, to manufacturing our first large batch of battery grade lithium hydroxide, to hosting a visit from the U.S. Secretary of Energy Jennifer Granholm to personally examine our progress and witness our operations. Our employees are going above and beyond each day to accomplish these groundbreaking achievements to bring to life our company’s vision.”

 

Battery Recycling Business Milestones from Fiscal Year 2024:

 

Implementation of First Battery Recycling Facility: ABTC purchased a vacant building in Summer 2023, implemented its internally-developed lithium-ion battery recycling processing train in this facility, and completed construction and commenced commissioning of a 20,000 tonnes/year train in Fall 2023.

 

First Revenue from Battery Recycling Operations: ABTC manufactured commercial quantities of recycled products within this year and generated its first revenue from the sale of these products to its strategic domestic customers. Once fully ramped, this facility has the capacity to manufacture multiple streams of battery grade metals and other recycled products.

 

1
 

 

ABTC was selected by the U.S. Department of Energy (DOE) and IRS for a highly competitive tax credit award under the 48C Qualifying Energy Project Credit program for approximately $20 million to be applied towards the capital expenditures of its first lithium-ion battery recycling facility near Reno, Nevada.

 

ABTC was selected by the U.S. DOE and IRS for a highly competitive tax credit award under the 48C Qualifying Energy Project Credit program for approximately $40 million to be applied towards the capital expenditures of its second lithium-ion battery recycling facility.

 

ABTC was selected for a competitive grant by the U.S. DOE to support its $115 million project for its commercial-scale lithium hydroxide refinery, and this prime agreement was issued with a project start date of September 1, 2023. The company began receiving funds related to this award during the quarter ending September 30, 2023.

 

ABTC was selected for a competitive grant by the U.S. DOE to support its $20 million project for its next-generation advanced battery recycling technologies, and this prime agreement was issued with a project start date of October 1, 2023. The company began receiving funds related to this award during the quarter ending December 31, 2023.

 

ABTC was selected for a competitive grant by the U.S. DOE for $150 million to support the design and construction of its second commercial scale lithium-ion battery recycling facility. This award is currently in the contracting phase and project kickoff is expected in 2025.

 

Primary Battery Metals Manufacturing Business Milestones from Fiscal Year 2024:

 

Successful Manufacturing Nevada Claystone-to-Lithium Hydroxide: ABTC completed the construction and commissioning of its multi-tonne per day claystone-to-battery grade lithium hydroxide (LiOH) pilot plant and successfully manufactured LiOH from claystone specifically collected from its Tonopah Flats Lithium Projects (TFLP), marking a significant milestone in the commercialization of its internally-developed processes to access an unrealized domestic primary lithium resource.

 

Initial Assessment of Tonopah Flats Lithium Project: ABTC released the Initial Assessment (Preliminary Economic Assessment) for its Tonopah Flats Lithium Project, which has been identified as one of the largest lithium deposits in the U.S., and demonstrates an economically competitive project with total production costs of approximately $4,600 per tonne of LiOH and a NPV@10% of $4.7 billion. This SK-1300 compliant Initial Assessment raised the material amount of the resource to Measured and Indicated status and provides a commercialization pathway that allows for an engineered phased development, with improved access to the higher quality portions of the resource, and improved project economics.

 

2
 

 

Financial Highlights from Fiscal Year 2024:

 

First revenue from the sale of commercial quantities of Black Mass produced by its first integrated lithium-ion battery recycling facility. Once fully ramped, this facility has the capacity to process approximately 20,000 MT/year of battery materials and to produce multiple streams of battery grade metals and other byproducts.

 

Government grant funding increased to $3.3 million for the fiscal year ended June 30, 2024, compared to $0.9 million during the prior year.

 

Cash used in investing activities was $12.9 million for the acquisition of property, construction, equipment, mineral rights, and water rights for the fiscal year ended June 30, 2024. Cash used in the same period of the prior year totaled $36.7 million, primarily for acquisition of its first battery recycling facility, water rights, and equipment.

 

As of June 30, 2024, the company had total cash on hand of $7 million.

 

Cash used in operations for the fiscal year ended June 30, 2024 was $16.9 million, compared to $13.4 million during the fiscal year ended June 30, 2023.

 

On August 29, 2023, the company entered into a Securities Purchase Agreement for up to $51 million of a new series of senior secured convertible notes. To date, $25 million of these notes have been issued and as of June 30, 2024, $18 million of these notes have been redeemed or converted, and the company has no plans to use the remaining facility.

 

The company remains diligently focused on accelerated commercialization and long-term sustainable growth to operationalize its first-of-kind low-environmental-impact technologies within the lithium-ion battery recycling and primary battery metals manufacturing sectors.

 

ABTC hosted FY 2024 earnings call on Monday, September 23, 2024. The press release, webcast replay, and presentation are available at www.americanbatterytechnology.com/events-presentations.

 

About American Battery Technology Company

 

American Battery Technology Company (ABTC), headquartered in Reno, Nevada, has pioneered first-of-kind technologies to unlock domestically manufactured and recycled battery metals critically needed to help meet the significant demand from the electric vehicle, stationary storage, and consumer electronics industries. Committed to a circular supply chain for battery metals, ABTC works to continually innovate and master new battery metals technologies that power a global transition to electrification and the future of sustainable energy.

 

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, risks and uncertainties related to the Company’s ability to continue as a going concern; 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. 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, 2024. The Company assumes no obligation to update any of the information contained or referenced in this press release.

 

###

 

American Battery Technology Company

 

Media Contact:

Tiffiany Moehring

tmoehring@batterymetals.com

720-254-1556

 

3

 

 

Exhibit 99.4

 

 

American Battery Technology Company Selected for Highly Competitive $150 Million Federal Grant to be Applied Towards the Construction of its Second Lithium-Ion Battery Recycling Facility

 

Company expanding critical commercial operations of next-generation lithium-ion battery recycling technologies for North American closed-loop battery metals supply chain supporting America’s transition to electrification

 

Reno, Nev., September 23, 2024American Battery Technology Company (NASDAQ: ABAT), an integrated critical battery materials company that is commercializing its technologies for both primary battery minerals manufacturing and secondary minerals lithium-ion battery recycling, has been selected for a highly competitive grant for $150 million dollars of federal investment by the U.S. Department of Energy to be applied towards the construction of a new lithium-ion battery recycling facility.

 

This facility will be the company’s second commercial-scale lithium-ion battery recycling facility and is designed to process approximately 100,000 tonnes of battery materials per year from its battery manufacturer, automotive OEM, and community partners.

 

“We are extremely honored to be selected for this government investment to further expand our domestic battery recycling operations, and after having gone through nearly one-year of technical and economic evaluation, we appreciate the level of diligence that the government employed in making this decision,” stated ABTC CEO Ryan Melsert. “We are greatly appreciative of the confidence and support we have received from our partners throughout this process and are energized to move forward with our feedstock supply, product offtake, and strategic stakeholders in this critical expansion of our domestic capabilities.”

 

True to the company’s strategic model to engage a diverse portfolio of partners and stakeholders to bring advanced battery technologies online and establish a commercial battery metals supply chain for North America, this project will leverage multiple partners including feedstock supplier and critical mineral product offtaker BASF, global engineering firm Siemens, the Clemson University International Center for Automotive Research (CU-ICAR), the Argonne National Laboratory (ANL) ReCell Center, the Argonne National Laboratory Sustainable Transportation Education & Partnerships (STEP) department, and the South Carolina Electric Transportation Network (SCETNetwork).

 

ABTC constructed and commissioned its first lithium-ion battery recycling facility near Reno, Nevada in Fall 2023, which implements its internally-developed processes for the strategic de-manufacturing and targeted chemical extraction of battery materials in order to manufacture battery grade products at competitive costs and with low environmental footprint. These processes are fundamentally different than conventional methods of battery recycling, which generally utilize either high temperature smelting or non-strategic shredding systems.

 

 
 

 

Through this new facility construction project, ABTC will employ a proactive, community-driven engagement model to build an energy equity, sustainable circular manufacturing ecosystem that aims to create 1,200 construction jobs and 300 operations jobs. The company will work in direct partnership between communities, educational institutions, industry, government, the National Laboratory system, and the next generation workforce to support equitable and sustainable initiatives that benefit and strengthen in local communities, including in underserved communities that have historically been left behind.

 

ABTC is partnering with government entities and local educational institutions, such as ANL’s STEP department and Clemson University, to create career pathways in battery recycling and establish a talent pipeline for the domestic battery recycling industry.

 

Bringing first-of-kind technologies to market, ABTC’s battery recycling and primary battery metals commercialization efforts support the buildout of a domestically-sourced battery metals circular supply chain. ABTC has been selected for several competitive awards supporting the advancement and commercialization of its first-of-kind technologies for both battery recycling and primary claystone-to-lithium hydroxide manufacturing.

 

U.S. DOE Investments in ABTC Lithium-Ion Battery Recycling

 

October 2021: ABTC was awarded a competitive grant for a $2 million project from the United States Advanced Battery Consortium (USABC) supported by funding from US DOE to foster the recycling of battery packs and extraction of battery metals, with USABC cost contributions of $500k.
   
November 2022: ABTC was awarded for a competitive grant for a $20 million project from the U.S. DOE to scale, optimize, and commercialize three next generation technologies to even further enhance the performance of its recycling operations, with a federal contribution of $10 million.
   
March 2024: ABTC awarded qualifying advanced energy project tax credits (48C) for $20 million to be applied towards capital expenditures of its first battery recycling facility near Reno, Nevada.
   
March 2024: ABTC awarded qualifying advanced energy project tax credits (48C) for $40 million to be applied towards capital expenditures of its second battery recycling facility.
   
TBD 2025: ABTC was selected for this competitive grant for a $150 million project from the U.S. DOE to construct a second battery recycling facility.

 

U.S. DOE Investments in ABTC Lithium Hydroxide (LiOH) from Claystone Manufacturing

 

October 2021: ABTC was awarded a competitive grant supporting a $4.5 million project from the U.S. DOE for the demonstration of its battery-grade lithium hydroxide production from Nevada claystone resources, with federal contributions of $2.27 million.
   
October 2022: ABTC was awarded a competitive grant supporting a $115 million project from the U.S. DOE to construct a commercial-scale lithium hydroxide refinery, with a federal contribution of $57.7 million.

 

 
 

 

These battery recycling technologies were developed in-house by the ABTC R&D, project management, and engineering team members, many of whom were previously members of the founding Tesla Gigafactory design and engineering teams. ABTC intends to utilize these significant experiences in collaboration with project partners to scale processes and bring first-of-kind commercial-scale facilities online and leveraging this expertise to de-risk ABTC’s commercialization of this second battery recycling facility.

 

As ABTC has now completed the technical and economic evaluations and been selected for this competitive grant award, it will next enter the grant award contracting phase of this process with an expected project kickoff in 2025.

 

About American Battery Technology Company

 

American Battery Technology Company (ABTC), headquartered in Reno, Nevada, has pioneered first-of-kind technologies to unlock domestically manufactured and recycled battery metals critically needed to help meet the significant demand from the electric vehicle, stationary storage, and consumer electronics industries. Committed to a circular supply chain for battery metals, ABTC works to continually innovate and master new battery metals technologies that power a global transition to electrification and the future of sustainable energy.

 

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, risks and uncertainties related to the Company’s ability to continue as a going concern; 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. 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, 2023. The Company assumes no obligation to update any of the information contained or referenced in this press release.

 

###

 

American Battery Technology Company

 

Media Contact:

Tiffiany Moehring

tmoehring@batterymetals.com

720-254-1556

 

 

 

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Sep. 23, 2024
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Entity File Number 001-41811
Entity Registrant Name AMERICAN BATTERY TECHNOLOGY COMPANY
Entity Central Index Key 0001576873
Entity Tax Identification Number 33-1227980
Entity Incorporation, State or Country Code NV
Entity Address, Address Line One 100 Washington Street
Entity Address, Address Line Two Suite 100
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