American Battery Technology Company to Acquire Assets of Insolvent Lithion Technologies in Quebec
American Battery Technology Company (ABTC) is set to acquire significant assets from Lithion Technologies, which has declared insolvency in Quebec. ABTC, based in Nevada, operates a lithium-ion battery recycling facility in Reno and has received $144 million from the U.S. Department of Energy for expansion. Lithion, supported by nearly $30 million from the Quebec government, has faced financial challenges and is under creditor protection. A proposal for Lithion's continued operations in Quebec has emerged, but it requires government support.
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American Battery Technology Company (ABTC) is positioned to acquire substantial assets from insolvent Lithion Technologies in Quebec. ABTC, located in Nevada, has established a lithium-ion battery recycling plant in Reno and secured $144 million from the U.S.
Department of Energy for a second facility. Lithion, which has received nearly $30 million from the Quebec government, is currently under creditor protection. KPMG, overseeing the case, is expected to report to the Quebec Superior Court soon.
A proposal to sustain Lithion's operations in Quebec is pending but needs government backing. The battery recycling industry is projected to reach $70 billion annually by 2040, highlighting the urgency for local recycling capabilities.
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