American Battery Metals Corporation, Nevada, United States, (OTCQB:ABML) is teaming up with San Francisco-based investment firm Just Business as it pivots to focus mainly on its battery recycling business, Proactiveinvestors.com reports.
Just Business deploys capital for growth and engages with firms, which are committed to financial profitability along with tangible environmental and social impact, American Battery said.
The company’s recycling process extracts valuable metals like lithium, manganese, nickel, and cobalt from depleted batteries, delivering them to manufacturers to produce new batteries. Lithium-ion batteries are used in electrical vehicles (EV), mobile phones, laptops, and power tools, among others, but less than 5% of the world’s supply of such batteries are recycled today, leading to $7 billion of battery waste per year.
“Beyond redeeming the waste, every battery ABTC recycles is one less scoop of earth that will be dug to extract valuable metals for battery production,” David Batstone, co-founder and senior managing partner of Just Business said in a statement. “The batteries in EVs and other devices inevitably will deplete, and sadly many of those batteries end up in dumpsites today,” he added.
American Battery says it will implement a closed-loop technology backed by nine trade secrets to recycle valuable metals contained in depleted batteries. Its first battery recycling plant is set to open in the last quarter of this year in northern Nevada, close to the world’s largest battery gigafactory.
The firm is also using new technologies to ensure low-impact extraction in its ongoing mining operations. It said the overall focus has pivoted to an ‘environmental stewardship’ of natural resources.
“We want to be part of designing a future where mobility and energy do not come at the cost of planetary sustainability,” Doug Cole, CEO of American Battery Metals said.