The US President’s plan includes a combination of tax credits, rebates, and a plan to build a network of 500,000 EV charging stations
American Battery Metals Corporation (OTCQB:ABML), soon to be named American Battery Technology Company, has said its executives like what they see in President Joe Biden’s proposed $2 trillion infrastructure plan revealed last week.
One component of the plan is $174 billion intended to incentivize Americans to choose electric vehicles over cars and trucks that run on gasoline or diesel through a combination of tax credits, rebates, and a national network of 500,000 EV charging stations, according to The New York Times.
“We applaud President Biden’s call for sweeping investments in electric vehicles, renewable power and the electric grid as part of a broad blueprint to bolster the US economy while combating climate change,” American Battery COO Menka Sethi said in a statement. “As prices of electric vehicles become more in-line with similar conventional cars and trucks and charging electric vehicles is made more accessible and faster, the penetration of EVs will accelerate beyond its current niche status.”
American Battery is working to advance its proprietary lithium battery recycling and extraction technology in order to meet the EV expansion.
“Industry experts believe supply chain bottlenecks including availability of critical materials will need to be solved to enable wide-spread adoption and usage of EVs,” Sethi said. “Our company is addressing this challenge by scaling our proprietary lithium battery recycling and extraction technologies to increase production of critical materials in the United States using low environmental impact processes.”
American Battery’s business plan includes working through industry organizations such as ZETA, Energy Storage Association, and Critical Materials Institute to advocate for policies that smooth the transition to a clean energy economy, such as the Biden plan envisions, the company said.
“Our planned 20,000 metric ton per year lithium-ion battery recycling pilot plant has commenced permitting and design-build construction,” American Battery CEO Doug Cole added. “We expect operations to begin by the end of 2021 and revenue generation in the first quarter of 2022. Its onsite global development center will support both recycling and primary battery metal extraction technologies. The plant will include an analytical lab, process lab and piloting bays evolution of technologies from conceptual to commercialization.”
Biden’s proposal would also replace 50,000 diesel transit vehicles and electrify at least 20% of yellow school buses through a new Clean Buses for Kids Program at the Environmental Protection Agency, according to a White House fact sheet.
Cole believes American Battery’s Fernley plant can play an important role for both Nevada and the US over the next decade.
“Our location in Fernley, Nevada allows for access to on-site renewable solar power and has nearby rail and highway infrastructure,” Cole said. “The pilot plant, located in an opportunity zone, is estimated to benefit the local economy by over $348 million in its first 10 years of operation, and will be scalable and repeatable for future plants around the United States.”
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