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

Benzinga_recent_news10-28

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 ...

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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.\nAmerican Battery Technology was awarded a $57.7 million grant in 2022 to develop a commercial-grade cathode material facility in Nevada and another $123 million in 2024 for a second facility. The company confirmed that the more recent grant was not impacted by the cancellations and stated it intends to move forward with its Nevada project \"without impact to timeline or scope.\"\nThe DOE cuts follow broader efforts by the Trump administration to scale back Biden-era green energy projects, with more than $7.5 billion in funding already eliminated this year.\nShares of American Battery Technology are under pressure as investors react to reduced federal support for the sector and uncertainty surrounding future project funding.\nSee Also: Gold Falls 3%; Carter’s Shares Gain After Q3 Earnings\nABAT Price Action: American Battery Technology stock was down 9.8% at $5.39 on Monday, according to data from Benzinga Pro.\nThis illustration was generated using artificial intelligence via Midjourney.\nThis content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.11","shortVersion":"4.35.11","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2578675099","isCrawlerRequest":true}