American Battery Technology Company ( ABAT ) shares are trading lower Wednesday, among other battery-related companies. Recent reports suggested that the Department of Energy canceled more than $700 million in battery and manufacturing awards.

• ABAT shares are experiencing downward pressure. Get the complete picture here.

What To Know: According to Reason, the Energy Department canceled funding for several companies earlier this month, including American Battery Technologies ( ABAT ), Ascend Elements, Anovion, ICL Specialty Products and LuxWall. The grants were part of Biden-era energy spending programs targeting battery and green manufacturing projects.

The Energy Department told E&E News that the projects "had missed milestones, and it was determined they did not adequately advance the nation’s energy needs, were not economically viable, and would not provide a positive return on investment of taxpayer dollars."

American Battery Technologies ( ABAT ) was awarded a $57.7 million grant in 2022 to develop a commercial-scale cathode material facility in Nevada, along with another $123 million grant in 2024 for a separate project. The recent funding cut affects only the earlier grant, while the 2024 award remains in place.

ABAT Price Action: American Battery Technology ( ABAT ) shares closed down on Wednesday 2.62% lower at $5.94, according to data from Benzinga Pro.

See Also:

• 3M’s Modest Results Win Analyst Praise, But PFAS Litigation Risk Looms

This illustration was generated using artificial intelligence via Midjourney.