American Battery Metals Corporation (OTCQB:ABML) applauded the US Senate for passing the bipartisan Infrastructure Investment and Jobs Act which includes a heavy emphasis on electric vehicle and green energy industry investments.
The company, which is in the process of changing its name to American Battery Technology Company (ABTC) praised the $1 trillion cash infusion that will revitalize, fortify and strengthen the nation's infrastructure.
In the budget which passed through Senate on Tuesday, $7.5 billion has been earmarked to build a national framework of charging networks for electric vehicles.
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"This legislation directly supports federal investments in battery recycling technologies to help build out the domestic supply chain of these critical materials," American Battery Technology CEO Doug Cole said in a statement. "Should the legislation pass the House of Representatives, we are poised and ready to support our energy transition to vehicle electrification."
On a related note, in early August, President Biden signed an Executive Order calling for 50% of new vehicles sold by 2030 to be zero emissions vehicles. This initiative is considered a catalyst to increased sales of electric vehicles.
ABTC believes the two initiatives emphasize “the critical need for additional infrastructure to create and support a secure and environmentally friendly US battery supply chain to lessen our dependence on foreign suppliers.”
"These historic infrastructure investments and policy objectives should provide a crucial boost to the production of critical minerals used to create the batteries needed for the electric vehicles, providing long overdue support to the country's lithium-ion battery recycling industry," said Doug Hamilton, head of policy at American Battery Technology.
Comprised of three divisions: lithium-ion battery recycling, battery metal extraction technologies, and primary resources development, ABTC is uniquely positioned to supply and benefit the rising demand for battery materials.
“Recycling is a key factor in strengthening and securing the US critical mineral supply chain in the face of stiff and entrenched competition from countries such as China. Recapturing battery metals from the spent batteries of EVs and consumer electronics creates a circular economy,” read the statement.
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