09:11 AM EST, 12/18/2024 (MT Newswires) -- American Battery Technology ( ABAT ) said Wednesday it received a $144 million grant from the US Department of Energy to support the construction of its second commercial-scale lithium-ion battery recycling facility.

The company said the grant would be shared with subcontractor Argonne National Laboratory, with funding to begin on Jan. 1, 2025.

The new facility will process about 100,000 tonnes of battery materials per year from automotive OEMs, cell manufacturers, and community partners, American Battery Technology ( ABAT ) said.

The facility will also produce battery-grade nickel, cobalt, manganese, and lithium hydroxide for the North American market, the company added.

American Battery Technology ( ABAT ) shares were rising more than 37% in recent premarket activity.