A funding windfall will allow mining company American Battery Metals Corporation to continue its plans to build a lithium-ion battery recycling plant in Nevada, US.
The company will use $8 million of a $10 million investment to develop an initial commercial pilot plant capable of recycling 20,000 tons of batteries a year that will return lithium, cobalt, and nickel back into the materials supply chain.
The company aims to have the battery recycling plant fully operational in late 2020.
The Nevada-based company announced plans for the recycling facility in 2019, in response to concerns over the stability of the battery metals supply chain in meeting future demand for renewable batteries.
The company is also conducting drilling programs at potential lithium mining projects in Nevada as it seeks to become the world’s first fully integrated battery metals supply-chain provider.
The company will use the remaining $2 million of the Unifinance’s investment for corporate purposes and to pay off some debt, a company spokesman told BEST.