American Battery Metals Corporation secures industrial land in northern Nevada for its first lithium-ion battery recycling facility
The 12½ hectare site is in Fernley, near Tesla’s Gigafactory, a factory that manufactures lithium-ion batteries and EV subassemblies.
() announced Wednesday that it had secured industrial land in northern Nevada for its first-of-its-kind lithium-ion battery recycling facility.
In a statement, the company said it has committed to purchase approximately 12 and a half acres from Fernley and expects to close by September 15. The land is in a Qualified Opportunity Zone (QOZ), which provides a tax incentive to encourage private equity investment in projects, businesses and real estate development in northern Nevada.
The company said it plans to finance the construction of the facility with conventional construction funding of approximately $ 5.5 million over 36 months, including the cost of purchasing the construction site, an industrial building. initial 30,000 square feet and initial battery recycling equipment and utility infrastructure. .
American Battery Metals said the location is ideal for its facility which will initially create at least 50 new jobs that could grow to over 200 new positions over the next 24 months.
The company noted that the site for the installation was chosen for several reasons. It is located near Gigafactory 1 (a factory for lithium-ion batteries and electric vehicle subassemblies) and has developed roads and railways. It also has low utility and energy costs and access to a pool of highly skilled labor while being located in a QOZ. And with construction, there will be no need for large-scale site remediation.
“We continue to make progress with the commissioning of our new battery recycling plant in the first quarter of 2021,” said CEO Doug Cole. welcome mat for American Battery Metals Corporation.
He added, “We intend to develop and expand our business units in Nevada, and we plan to be a strong regional industrial employer over the next several decades. “
Once the plant is operational in the first quarter of 2021, the company said it expects construction finance to be refinanced by long-term project finance with a large-scale lending institution that may include guarantees from loan from the Small Business Administration (SBA).
American Battery Metals stock recently rose 3.5% to $ 0.12 per share in New York City.
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