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American Battery Technology Co., said in a news release it has received a “letter of interest” from the Export-Import Bank of the United States for $900 million in financing to support the construction of a commercial-scale lithium mine and claystone-to-lithium hydroxide refinery near Tonopah.
This letter does not constitute a commitment of financing, the release said. ABTC has its headquarters in Reno and a lithium-ion battery materials plant at Tahoe Reno Industrial Center.
“We appreciate this support from EXIM and are proud of this further validation that our mission is closely aligned with the U.S. government’s dedication to serve the American people," American Battery Technology Co., CEO Ryan Melsert said in a news release. “This proposed financial support can greatly accelerate the commercialization of our domestic critical mineral mine and refinery, and we are excited to implement at scale these first-of-kind technologies that we have been demonstrating over the past several years.”
The release said ABTC’s lithium mine and refinery project is strongly aligned with EXIM’s “Make More in America” initiative as well as its “China and Transformational Export Program,” both of which provide beneficial financing terms for U.S. companies facing competition from the People’s Republic of China to ensure the United States leads in certain critical export areas, including the domestic manufacturing of critical minerals.
The issuance of the letter is aligned with the executive order from March 20, “Immediate Measures to Increase American Mineral Production.” The executive order includes near-term actions to be determined and implemented by the agencies to fast-track permits, mobilize capital for mineral producers and create offtake agreements for strategic stockpiling for minerals critical to the United States’ defense, technology, and energy.
ABTC has partnered with Black & Veatch, a global engineering, procurement, and construction leader, for the commercial scale design and construction of this 30,000 ton per year lithium hydroxide refinery project. In accordance with SEC guidelines, in April 2024, ABTC published its amended initial assessment, which presents the technical and economic study of this project and concluded that this resource is one of the largest known lithium resources in the United States.
To significantly increase U.S. production of battery grade lithium products, ABTC has developed its own low-cost and low-impact technologies to access the lithium within unconventional lithium-rich claystone material that is found in central Nevada to manufacture these battery grade lithium materials domestically.
American Battery Technology Co., headquartered in Reno, 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.