American Battery Technology Company (ABTC) announced it has received a Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM) for up to $900 million in financing. The funding would support the construction of its commercial-scale lithium mine and claystone-to-lithium hydroxide refinery near Tonopah, Nevada.

“This is a major milestone in advancing our mission,” said ABTC CEO Ryan Melsert. “We’re grateful for EXIM’s support and view this as further validation of our alignment with the federal government’s efforts to strengthen domestic critical mineral supply chains. With this potential financing, we’re poised to accelerate the commercialization of our first-of-its-kind technologies.”

The proposed project falls under EXIM’s “Make More in America” initiative and its “China and Transformational Export Program.” Both programs are aimed at bolstering U.S. competitiveness in critical sectors, including battery minerals, and reducing reliance on foreign supply chains—especially those dominated by the People’s Republic of China.

The announcement follows the March 20 Executive Order titled “Immediate Measures to Increase American Mineral Production,” which mandates federal agencies like EXIM to fast-track permitting, mobilize capital, and secure offtake agreements to support domestic production of critical minerals. The LOI from EXIM directly supports these federal objectives, with ABTC’s project being a prime example of the type of innovation the order aims to advance.

ABTC is partnering with global engineering firm Black & Veatch to lead the design and construction of the 30,000-ton-per-year lithium hydroxide refinery. In April 2024, ABTC released an amended Initial Assessment, confirming the Tonopah Flats resource as one of the largest known lithium deposits in the United States.

Unlike conventional lithium sources—such as hard rock spodumene from Australia and lithium-rich brines from South America—the U.S. lacks similar reserves. To bridge this gap, ABTC has developed proprietary, low-cost, and low-impact technologies to extract lithium from unconventional claystone deposits found in central Nevada.

The Tonopah Flats Lithium Project is a cornerstone of ABTC’s strategy to lead in the sustainable production of domestic battery materials. With U.S. demand for lithium rapidly growing, ABTC’s innovative approach not only meets that need but also strengthens national energy security and economic resilience.

By advancing cleaner, scalable solutions and fostering public-private collaboration, ABTC is helping shape the future of American battery manufacturing—one critical mineral at a time.

American Battery Technology Company (ABTC), based in Reno, Nevada, has developed groundbreaking technologies to enable the domestic production and recycling of battery metals essential to meeting the growing demand from electric vehicles, stationary energy storage, and consumer electronics. Dedicated to advancing a circular supply chain for battery materials, ABTC is focused on continuous innovation and technological leadership to support the global shift toward electrification and sustainable energy.