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Benzinga

Business

Dylan Berman

American Battery Technology Shares Traded Lower Monday: What's Going On?

American Battery Technology the Department of Energy

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American Battery Technology Company (NASDAQ:ABAT) shares are trading lower Monday amid a pullback in the battery sector on recent reports that the Department of Energy canceled more than $700 million in battery and manufacturing awards.

What To Know: According to Yahoo News, the Energy Department terminated funding for multiple companies in October, including Ascend Elements, American Battery Technology Co., Anovion, ICL Specialty Products, and LuxWall. The department said the affected projects had "missed milestones" and "did not adequately advance the nation's energy needs" or provide a positive return on taxpayer investment.

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