American Battery Technology Company Sees Stock Surge After DOE Reinstates $115 Million Grant
ABAT Stock On Track For Biggest One-Day Percentage Gains In 8 Months — DOE Reverses Course On Lithium Project Funding
Asianet Newsable
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American Battery Technology Company (ABAT) shares rose nearly 30% after the U.S. Department of Energy reinstated a $115 million grant for its Tonopah Flats Lithium Project. The grant was originally canceled due to a government shutdown and program reviews but has now been restored without amendments.
- 01The U.S. Department of Energy's $115 million grant was initially awarded in October 2022 for a lithium refinery project.
- 02The grant was terminated in October last year amid a government shutdown and a review of federal programs.
- 03ABAT's appeal and project reviews led to the reinstatement of the grant, allowing the company to continue its lithium production efforts.
- 04CEO Ryan Melsert highlighted the significance of this reinstatement for U.S. energy security and critical mineral technology.
- 05Despite being down 7% this year, ABAT's stock has more than doubled in value over the past 12 months.
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Shares of American Battery Technology Company (ABAT) surged nearly 30% following the reinstatement of a $115 million grant from the U.S. Department of Energy (DOE) for the Tonopah Flats Lithium Project. This grant, originally awarded in October 2022, was canceled due to a government shutdown and a review of federal funding programs. ABAT appealed the termination and underwent technical reviews, ultimately convincing the DOE to restore the grant without amendments. CEO Ryan Melsert expressed pride in the team's efforts, emphasizing the importance of advancing critical mineral technologies for U.S. energy security. While ABAT's stock is down 7% year-to-date, it has more than doubled in value over the past year, reflecting strong investor interest despite a neutral sentiment on platforms like Stocktwits.
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The reinstatement of the grant is expected to bolster ABAT's operations and contribute to local job creation in the lithium production sector.
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