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The sudden termination of a significant $115 million grant destabilizes ABAT's funding and growth projections. Historical patterns show similar cuts have adversely affected companies reliant on government subsidies.
What happened, with direct paths to the underlying reporting
ABAT shares dropped 29.27% after a $115 million DOE project cancellation. DOE terminated a grant for lithium hydroxide facility due to budget cuts. ABAT plans to appeal the termination and complete the project as scheduled. The overall clean energy budget was significantly reduced, impacting multiple projects. The company has raised over $52 million publicly for this initiative.
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