Funding and M&A Roundup: BESS Developer NineDot Raises $225 Million

American Battery Technology Company (ABTC), an integrated battery materials technology company, secured a debt financing of $50 million from a single institutional investor. The funding was in the form of zero-coupon, senior-secured convertible notes.

The funding will help the company commercialize its lithium-ion battery recycling efforts, develop and commercialize its 10,340-acre lithium-bearing claystone deposit in Nevada, and refine its lithium-bearing claystone resource into battery-grade lithium hydroxide product.

“This capital investment supports the continued development of our core projects as we evolve from pilot and demonstration scale systems up to commercial scale facilities in each of our business units,” stated ABTC CEO Ryan Melsert.  “We evaluated a wide range of financing alternatives over the past several months, and the use of this debt financing is very well aligned with our growth plans.”

A.G.P./Alliance Global Partners acted as the sole placement agent for the financing.

Earlier this year, the company had signed a term sheet agreement with global marketing and supply chain platform TechMet-Mercuria for a $20 million non-dilutive pre-payment for the purchase of its recycled battery metal products.

Recently, Flux Power Holdings, a developer of lithium-ion-based energy storage solutions, secured a $15 million credit facility from Gibraltar Business Capital, an asset-based lender for middle-market businesses, to fund its working capital and to refinance its existing credit facility with Silicon Valley Bank.

According to Mercom’s 1H and Q2 2023 Funding and M&A Report for Storage & Smart Grid, Corporate funding in Energy Storage bounced back in Q2 2023 with $4.9 billion raised in 32 deals, a 126% increase quarter-over-quarter.

Northvolt, a Sweden-based manufacturer of lithium-ion batteries, recently announced raising $1.2 billion in convertible notes to support its expansion plans across Europe and North America.