American Battery Technology Co (NASDAQ:ABAT) stock is trading lower Friday morning, extending recent losses after the company announced the U.S. Department of Energy terminated a $115 million grant.
- ABAT stock is struggling to find support. Track the action here.
What To Know: The funding was intended for the construction of a commercial-scale lithium hydroxide production facility in Nevada, a key project aimed at strengthening the domestic supply chain for electric vehicle batteries.
The DOE's decision followed a review of federal clean-energy spending. In response, American Battery Technology has formally appealed the decision and stated its commitment to advancing the project.
The company noted it has raised over $52 million from public markets this year and has secured a letter of interest from the U.S. Export-Import Bank for up to $900 million in potential financing.
Despite the grant withdrawal, executives say the project’s timeline and scope remain unchanged as they continue to pursue the development of the Tonopah Flats Lithium Project.
Benzinga Edge Rankings: According to Benzinga Edge stock rankings, the company boasts a strong Momentum score of 98.88.
ABAT Price Action: American Battery Tech shares were down 10.48% at $5.076 at the time of publication on Friday, according to Benzinga Pro data.
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How To Buy ABAT Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in American Battery’s case, it is in the Materials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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