American Battery Technology Co (OTCMKTS: ABML) Breaking Out After DOE Awards Co $57.7 Million to Build its Commercial-Scale Battery Manufacturing Facility in Nevada
American Battery Technology Co (OTCMKTS: ABML) is beginning to see some upward momentum and volume has picked up dramatically after the Company was awarded $57.7 million from the Department of Energy (DOE) to build its $115 million Commercial-Scale Battery Manufacturing Facility in Nevada. This award was announced during a Presidential event at the White House, which included a direct conversation about the importance of this project between U.S. President Joe Biden, Secretary of Energy Jennifer Granholm, and ABTC CEO Ryan Melsert. Right now, 75% of battery manufacturing is done in China,’’ Biden said. “By undercutting U.S. manufacturing with their unfair subsidies and trade practices, China seized a significant portion of the (battery) market. Today we’re stepping up to … take it back — not all of it, but bold goals and actions to make sure we’re back in the (battery production) game in a big way.’’ Ryan Melsert, CEO of American Battery Technology Co. in Reno, Nevada, told Biden that U.S. intervention in the battery market was overdue. “Unfortunately, the U.S. is almost a non-player in the lithium game,’’ Melsert said, noting that less than 1% of lithium products globally are made in the U.S. His company, which makes lithium hydroxide for battery cathodes, is changing that, along with other grant recipients, Melsert said. “Vehicle manufacturers are really hungry to buy these materials from U.S.-based resources,’’ he told Biden.
Earlier this week ABTC completed its Phase 2 drill program, consisting of six additional sites in addition to the 16-holes sampled in its Phase 1 program, completing the exploration program in its permitted 22-hole plan at its 10,340 acre Tonopah Flats Lithium Project in Big Smoky Valley, Nevada. The Company detected large lithium concentrations above 300 ppmw, with a peak concentration of 1,920 ppmw. After reviewing the highly promising initial results from the company’s exploration operations confirming that the lithium-bearing deposit extends even beyond the previously sampled 500 feet depth, ABTC has engaged RESPEC, a global engineering and design company, to act as an independent firm and as a Qualified Person (QP) to perform an independent analysis of these exploration results and to generate and issue a SK-1300 compliant Inferred Resource report. his independent report will quantify the magnitude of this lithium-bearing resource and the extent to which the resource is economically accessible, and this QP Inferred Resource report will contain specific recommendations on even further progressing this resource forward to a Measured and Indicated status as defined by the United States Geological Services (USGS).
Subscribe to Our 100% Free Penny Stock Newsletter. We Have Something Big Coming!
American Battery Technology Co (OTCMKTS: ABML) is an industry leading clean technology innovator that has been created to increase the production of primary metals used in batteries that power electric cars, grid storage applications, and consumer electronics.ABTC has built its capabilities to produce these battery metals through three business divisions: 1) recycling of lithium-ion batteries to recover battery metals, 2) extraction from primary resources, and 3) exploration of new primary resources. Together, the three approaches comprise a unique technologies platform that ensures battery metals are domestically sourced and re-used in an environmentally friendly, closed-loop fashion. ABTC’s multi-pronged approach builds the foundation for a circular economy of battery metals that supports a global shift away from fossil fuel energy sources. ABT subsidiary Lithium Ore has 1,040 placer mining claims on over 20,000 acres in the area known as the Western Nevada Basin, situated in Railroad Valley in Nye County, Nevada. ABT also owns a 120-acre property with water rights, in the town of Duckwater, NV near Railroad Valley.
The company began construction on the ABTC Pilot Plant for lithium-ion battery recycling in the first fiscal quarter of 2022, and to date, construction of the Phase 1 building is largely complete, with additional equipment procurement, component and utility installations, and offsite improvements in process. ABTC anticipates beginning commissioning of Phase 1 of the plant by year-end 2022, and ramping throughput throughout calendar 2023.
In October of 2021, ABTC received two government awards: a $4.5 million grant from the US Department of Energy’s Advanced Manufacturing Office Critical Materials Innovation program to advance the company’s first-of-kind processes to extract and manufacture lithium hydroxide from its lithium-bearing sedimentary resources in Tonopah, and a $2 million grant from the US Advanced Battery Consortium to demonstrate the recovery of battery materials from end-of-life lithium-ion batteries, the subsequent refinement of those materials into high energy density active cathode material, and for the fabrication and testing of full size automotive lithium-ion batteries from these recycled-content materials.
Earlier this week ABML reported it has completed its Phase 2 drill program, consisting of six additional sites in addition to the 16-holes sampled in its Phase 1 program, completing the exploration program in its permitted 22-hole plan at its 10,340 acre Tonopah Flats Lithium Project in Big Smoky Valley, Nevada. The drilling infrastructure employed in the Phase 1 program was able to drill to a depth of approximately 500 feet, and in several of the drill holes there was still significant mineralization of lithium present at these final depths, indicating that the anomalous lithium concentrations could be present at even greater depths. A major goal of the company’s Phase 2 drill program was to employ drilling infrastructure that could sample at even greater depths, and in this program the team was able to successfully drill to deeper depths with the deepest hole ending at 885 feet.
Characterization results from the assays from holes TF-2218 and TF-2219 have been received from Paragon Geochemical laboratory in Reno, Nevada, and the data confirms that the anomalous lithium-bearing claystone witnessed in previous holes continues well below the previous 500′ known depth of mineralization. Hole TF-2218 is measured to have a very shallow overburden of approximately 40 feet, after which 100% of the sampled material down to a final depth of 710 feet contains claystone with lithium concentrations above 300 ppmw, with a peak concentration of 1,920 ppmw. Hole TF-2219 is also observed to have a very shallow overburden of approximately 45 feet, after which 94% of the sampled material down to a final depth of 685-ft contains claystone with lithium concentrations above 300 ppmw, with a peak concentration of 1,940 ppmw.
After reviewing these highly promising initial results from the company’s exploration operations confirming that the lithium-bearing deposit extends even beyond the previously sampled 500 feet depth, ABTC has engaged RESPEC, a global engineering and design company, to act as an independent firm and as a Qualified Person (QP) to perform an independent analysis of these exploration results and to generate and issue a SK-1300 compliant Inferred Resource report. This independent report will quantify the magnitude of this lithium-bearing resource and the extent to which the resource is economically accessible, and this QP Inferred Resource report will contain specific recommendations on even further progressing this resource forward to a Measured and Indicated status as defined by the United States Geological Services (USGS).
These sampling and characterization efforts provide the foundation for the validation and commercialization of ABTC’s internally developed, selective lithium leaching and lithium hydroxide manufacturing technologies that are critical to solving the domestic and global critical battery metals challenges.
The ABTC Tonopah Flats Lithium Exploration Project encompasses 517 unpatented lode claims covering approximately 10,340 acres. As part of the company’s battery metals resource development exploration efforts, ABTC is performing bench scale characterization and extraction trials to confirm the technical and economic competitiveness of extracting elemental lithium from these domestic sedimentary resources in order to produce battery grade lithium hydroxide for sale to the domestic battery metals market. ABTC, in collaboration with DuPont, was awarded a $4.5M grant from the US Department of Energy to build and operate a multi-ton per day demonstration-scale system to accelerate the commercialization and scale-up of this critical lithium manufacturing technology.
QA/QC Statement
Drilling was conducted by Drillrite LLC, Spring Creek, Nevada, using a track mounted reverse circulation drill. Sampling was conducted using a cyclone splitter over 5-foot intervals. Sample custody was maintained by the company’s consultants throughout the sampling and logging process and observed by employees of RESPEC. The company has a rigorous QA/QC program utilizing blanks, duplicates, and a high and a low-grade lithium standard material. Duplicates and standard material are inserted into the sample stream, and blank material was inserted at the start and finish of drill hole sample set. Samples were analyzed by Paragon Geochemical in Sparks, Nevada for analysis utilizing the ICP-MS analysis protocol.
Also this week the Company announced it has hired former manager of Tesla’s Factory Infrastructure Design team, Mitchell Dreier, as its Director of Engineering, reporting to ABTC CEO Ryan Melsert. Recently Mr. Dreier led a team of multi-disciplinary engineers, designers, and project managers that delivered all infrastructure design for Tesla’s Gigafactory 1 in Nevada advancing key company programs such as Cell Manufacturing, Semi, Megapack, and Powertrain. Of note, Dreier recently managed the design of Tesla’s first advanced water treatment facility, allowing factory processes to consume reclaimed water and recycle process water to achieve a near zero liquid discharge facility.
On October 21 AMBL announced it was selected as a recipient of competitive funding under the Bipartisan Infrastructure Law to expand domestic manufacturing of battery grade lithium hydroxide for lithium-ion batteries for electric vehicles, with a focus on domestic processing of materials and components that are currently imported from foreign countries.
In collaboration with grant partners DuPont Water Solutions, University of Nevada, Reno, and Argonne National Laboratory, ABTC was awarded $57 million towards this project from the U.S. Department of Energy (DOE) to design, construct, commission, and operate a first-of-kind commercial scale facility to demonstrate its novel process for the manufacturing of battery cathode grade lithium hydroxide from unconventional Nevada-based lithium-bearing sedimentary resources. By demonstrating at commercial scale this new low-cost and low-environmental impact process for manufacturing lithium products from unconventional sedimentary resources, the domestic-U.S. lithium resource base can be expanded and allow for the U.S. battery manufacturing supply chain to operate in a self-sustaining closed-loop fashion. This award was announced during a Presidential event at the White House, which included a direct conversation about the importance of this project between U.S. President Joe Biden, Secretary of Energy Jennifer Granholm, and ABTC CEO Ryan Melsert.
The conversation went like this according to the washingtonpost: Ryan Melsert, CEO of American Battery Technology Co. in Reno, Nevada, told Biden that U.S. intervention in the battery market was overdue. “Unfortunately, the U.S. is almost a non-player in the lithium game,’’ Melsert said, noting that less than 1% of lithium products globally are made in the U.S.
His company, which makes lithium hydroxide for battery cathodes, is changing that, along with other grant recipients, Melsert said. “Vehicle manufacturers are really hungry to buy these materials from U.S.-based resources,’’ he told Biden.”
This grant accelerates progress on the demonstration and facility commercialization efforts already underway, as ABTC, in collaboration with DuPont and the University of Nevada, Reno, was awarded a $4.5M grant from the US Department of Energy in 2021 to build and operate a multi-ton per day demonstration-scale system to accelerate the commercialization and scale-up of this critical lithium manufacturing technology.
ABML CEO Ryan Melsert stated: “We are honored and excited to be selected for this investment from the U.S. government to accelerate the construction and commissioning of our first-of-kind commercial scale lithium refinery to manufacture battery grade metals from Nevada-based sedimentary claystone resources. The U.S. has unfortunately been essentially a non-player in the lithium manufacturing industry in recent decades, and while the nation has established large amounts of multi-billion-dollar electrical vehicle and lithium-ion battery factories in recent years, nearly 100% of the lithium materials that feed these facilities are imported from foreign countries.”
The US Department of Energy has announced the selection of American Battery Technology Company for a grant award to construct a $115M first-of-kind commercial scale facility. Watch live on Youtube, starting at 3pm Eastern. https://t.co/jJlGSnboVg
— American Battery Technology Company (@abt_company) October 19, 2022
For more on American Battery Subscribe Right Now!
Currently trading at a $375 million market valuation ABML OS is 644,138,631 shares. The Company has an excellent financial position with $56 million in assets $36 million in cash and about $3.5 million in liabilities. AMBL is an exciting story developing in small caps that is looking to uplist to a national exchange. The Company has a unique comprehensive, integrated business model that includes three diversified business units under one roof: Lithium-Ion Battery Recycling, Primary Metals Manufacturing, and Primary Resource Development. Currently the stock is moving northbound since reversing off $0.48 lows on accelerating volume as the Company makes steady progress at its plant in Fernley, Nevada strategically located 20 miles from Tesla’s Gigafactory project investing $10.8 million in construction just over the past year. To date, construction of the Phase 1 building is largely complete, with additional equipment procurement, component and utility installations, and offsite improvements in process. ABTC anticipates beginning commissioning of Phase 1 of the plant by year-end 2022, and ramping throughput throughout calendar 2023. The stock is beginning to see some upward momentum and volume has picked up dramatically after the Company was awarded $57.7 million from the Department of Energy (DOE) to build its $115 million Commercial-Scale Battery Manufacturing Facility in Nevada. ABML has looks to be moving northbound since reversing off $0.48 lows, the stock has every reason to continue up from here and well into multi dollars from here. We will be updating on ABML when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with ABML. Microcapdaily firest reported on ABML when the stock was $0.03.
Subscribe to Our 100% Free Penny Stock Newsletter. We Have Something Big Coming!
Disclosure: we hold no position in ABML either long or short and we have not been compensated for this article.
MMTec, Inc. (NASDAQ: MTC) ended the day at $2.0700 with a gain of $0.5800 (+38.93%). The stock prices fluctuated between $1.4000 – $2.5299, with more than 2.98M shares exchanging hands.
So why did MTC surge today ?
The failure of Silicon Valley Bank led to a sell-off in equities and a shift to safe-haven assets, such as US Treasuries and gold. Markets have calmed down somewhat, and the worst of the equity sell-off seems to be over. However, the market anticipates that the markets will be somewhat uneasy until a better understanding of inflation is reached and what the Federal Reserve will do next week.
To Find out the inside Scoop on MTC, Subscribe to Microcapdaily.com Right Now by entering your Email in the box below
Subscribe to Our 100% Free Penny Stock Newsletter. We Have Something Big Coming!
Despite most investors currently avoiding the banking sector, Wall Street sees potential opportunities, particularly in regional banks. The chaos in the market has created opportunities in the industry and several banking stocks are being punished just for being a banking stock. The collapse of Silicon Valley Bank was due to its specialisation in venture-capital financing, which made it vulnerable to the higher interest rate regime of the past 12 months.
For more on MTC Subscribe Right Now!
Therfore, today’s gains in MTC seems to be more a sympathy bounce considering the overall banking sector. Earlier in March, MMTEC, Inc. (Nasdaq: MTC) declared that it will relocate its operations from Beijing to the Hong Kong Special Administrative Region, effective March 6, 2023. The Company’s subsidiary, MM Future Technology Limited, which is a Hong Kong incorporated limited company, will assume all operations previously conducted by its subsidiary, Gujia (Beijing) Technology Co., Ltd. However, Gujia will continue to carry out specific technical research and development functions. Further, the Company, through its subsidiary HC Securities (HK) Limited, and other entities, will continue to invest its human resources in asset management and securities underwriting, and other related businesses, aiming to attract global funds to invest in the Chinese market and support China’s economic growth. The Company’s new operations headquarters is located at Room 2302, 23rd Floor, FWD Financial Center, 308 Des Voeux Road Central, Sheung Wan, Hong Kong.
We will be updating on MTC when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MTC.
Subscribe to Our 100% Free Penny Stock Newsletter. We Have Something Big Coming!
Disclosure: We have no position in MTC and have not been compensated for this article.
Cazoo Group Ltd (NASDAQ: CZOO) last traded at $2.62, a gain of +0.6400 (+32.32%). More than 5M shares exchanged hands compared to an average daily volume of 228K shares. Considering that the 52 week high of CZOO is more than 65$, there seems to be a lot of room to the upside.
To Find out the inside Scoop on CZOO, Subscribe to Microcapdaily.com Right Now by entering your Email in the box below
Subscribe to Our 100% Free Penny Stock Newsletter. We Have Something Big Coming!
Why did CZOO surge last week? Welcome to the Carvana of the UK!
Cazoo, a publicly traded company (NYSE: CZOO), was founded in 2018 by serial entrepreneur Alex Chesterman OBE. The company’s mission is to revolutionize the UK’s car buying and selling experience by offering consumers better selection, value, transparency, convenience, and peace of mind. Cazoo’s goal is to make the car buying or selling process as simple as purchasing any other product online. The company enables customers to buy, sell, or finance a car entirely online, with delivery or collection available in as little as 72 hours.
Recently, Cazoo Group Ltd, the UK’s leading online car retailer, updated its business performance and progress with the restructuring announced in January. The CEO, Alex Chesterman, expressed satisfaction with the progress made so far in 2023, despite the challenging economic environment. The company has taken swift and decisive management action to restructure the group, improve unit economics, and reduce fixed costs. The rightsizing of headcount and operational footprint is well underway, and the company expects to complete the restructuring before the end of Q1 2023. The company has seen significant improvement in its GPU, with retail GPU tracking at approximately £900, up from £600 in Q4 2022. Cazoo has sold over 100,000 cars entirely online in the UK in the three years since its launch. The company remains fully focused on driving higher profitability and has appointed Jonathan Dunkley as Chief Operating Officer. Cazoo’s cash reserves remain strong, and the company expects to achieve profitability without external funding until H2 2024. The company expects to end 2023 with over £100m of cash and cash equivalents on its balance sheet and sell 40,000-50,000 UK retail units in the current year.
For more on CZOO, Subscribe Right Now!
The online car market in the UK has been growing rapidly in recent years, driven by increasing consumer demand for convenience and transparency in the car buying process. Online car retailers such as Cazoo, Carzam, and Cinch have emerged as major players in the market, offering a wide selection of used cars for sale online with home delivery or pickup options. These companies use advanced technology to provide customers with a seamless buying experience, including virtual vehicle inspections, transparent pricing, and easy financing options. The COVID-19 pandemic has further accelerated the shift towards online car buying as consumers seek to avoid in-person interactions and dealerships adapt to new ways of doing business.
So if CZOO learns from Carvana’s mistake, there is little to no doubt that CZOO could be the talk of the town in days to come. We will be updating on CZOO when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CZOO.
Subscribe to Our 100% Free Penny Stock Newsletter. We Have Something Big Coming!
Disclosure: we hold no position in CZOO, either long or short, and we have not been compensated for this article
Shares of Ocean Biomedical (NASDAQ:OCEA) surged more than 100% on Thursday, following a talk by the company’s scientific co-founder, Dr. Jack A. Elias, at Brown University’s Legorreta Cancer Center. The preclinical-stage biotech, which went public on the NASDAQ on February 15, focuses on developing novel treatments for deadly diseases, including malaria, multiple cancers, and pulmonary fibrosis.
During the talk, Dr. Elias presented exciting details about potential therapies to suppress tumors in various cancers, focusing on the company’s work in understanding the role of the protein Chitinase 3-like-1 (CHI3LI) in the progression of lung cancer. He also discussed his discoveries on how certain monospecific and bispecific antibodies can be used as therapies to treat non-small cell lung cancer (NSCLC) and glioblastoma multiforme (GBM). The company aims to expedite these findings into phase 1 trials.
To Find out the inside Scoop on OCEA, Subscribe to Microcapdaily.com Right Now by entering your Email in the box below
Subscribe to Our 100% Free Penny Stock Newsletter. We Have Something Big Coming!
The excitement over this preliminary news stems from the large target groups for both diseases. According to Cancer.net statistics, NSCLC is the leading cause of cancer death and the second-most diagnosed cancer in the US, affecting around 236,740 people. GBM is the most common primary brain tumor in adults, with an average survival period of just 15 months and no cure.
The recent surge in Ocean Biomedical’s shares also comes on the heels of an announcement on February 28 that co-founder Dr. Jonathan Kurtis had been awarded a patent for the discovery of the third parasite target PfCDPK-5. This target has the potential to be used to halt the malaria parasite in various stages of its cycle, opening up new possibilities for treating this deadly disease.
Ocean Biomedical’s focus on developing novel treatments for deadly diseases and its recent exciting findings have generated significant investor interest. However, it is important to note that investing in preclinical-stage biotech companies carries a high level of risk. There is no guarantee that these discoveries will translate into effective treatments or that the company will receive regulatory approval.
For more on OCEA Subscribe Right Now!
Nevertheless, the positive developments from Ocean Biomedical are a significant milestone and hold great promise for patients suffering from deadly diseases such as cancer and malaria. If the company’s discoveries prove successful in further clinical trials, they could potentially generate significant revenue and transform the standard of care for these diseases. We will be updating on OCEA when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with OCEA.
Subscribe to Our 100% Free Penny Stock Newsletter. We Have Something Big Coming!
Disclosure: we hold no position in OCEA, either long or short, and we have not been compensated for this article