(Bloomberg) — A battery-metals recycler that saw a 1,000% jump in its stock price in a year plummeted after a key US government grant was canceled.
American Battery Technology Co. fell as much as 41% in post-market trading on Wednesday after the company said in a filing that it was notified by the US Department of Energy that a previously awarded grant was terminated.
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The grant awarded in 2023 would have helped finance design and construction of a plant that would manufacture battery cathode-grade lithium hydroxide, according to the filing. American Battery is the latest in a string of alternative-energy companies stung by President Donald Trump’s rollback of Biden-era green policies and supports.
The Energy Department notified American Battery of the cancellation on October 9, the Nevada-based company said. As of that date, there was $52 million in reimbursable funds remaining, according to the filing.
The company’s shares were plunging even before the filing, dropping 21% during the regular trading session. The Energy Department didn’t immediately respond to a request for comment outside of normal business hours.
–With assistance from Ari Natter.
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©2025 Bloomberg L.P.
(Bloomberg) — A battery-metals recycler that saw a 1,000% jump in its stock price in a year plummeted after a key US government grant was canceled.
American Battery Technology Co. fell as much as 41% in post-market trading on Wednesday after the company said in a filing that it was notified by the US Department of Energy that a previously awarded grant was terminated.
Most Read from Bloomberg
The grant awarded in 2023 would have helped finance design and construction of a plant that would manufacture battery cathode-grade lithium hydroxide, according to the filing. American Battery is the latest in a string of alternative-energy companies stung by President Donald Trump’s rollback of Biden-era green policies and supports.
The Energy Department notified American Battery of the cancellation on October 9, the Nevada-based company said. As of that date, there was $52 million in reimbursable funds remaining, according to the filing.
The company’s shares were plunging even before the filing, dropping 21% during the regular trading session. The Energy Department didn’t immediately respond to a request for comment outside of normal business hours.
–With assistance from Ari Natter.
Most Read from Bloomberg Businessweek
©2025 Bloomberg L.P.
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