News of new strategic hiring sent American Battery Technology Company (OTCMKTS:ABML) stock up today as anticipation mounts for its new facility. ABML stock is positioned to be among 2023’s early breakouts if momentum continues.
American Battery Technology operates in two areas: “primary minerals manufacturing and secondary minerals lithium-ion battery recycling technologies.” The company’s project pipeline includes a Lithium-Ion Battery Recycling Plant located in Fernley, Nevada as well as plans to add further facilities. Today, the company also announced that it has hired several seasoned industry leaders to help guide it into a profitable new year. A statement released by American Battery said the following:
“With experiences from industry leaders such as Tesla and Panasonic, these new ABTC team members will provide key leadership for the commissioning and ramp up of operations at ABTC facilities.”
Let’s take a closer look at this recent announcement and see what investors should be watching for as 2023 progresses.
What’s Happening With ABML Stock?
Since the year began, ABML stock has been gradually trending upward. Despite volatility, it has performed well and made impressive progress. It did not rise immediately today on the new hiring news. However, shares began climbing quickly around 12:oo p.m. Eastern. While the stock has lost some momentum since, it remains firmly in the green; shares closed up by 15%. Further, with some important new hires joining the team, ABML could easily rise more in the coming months.
One of these key hires is new Battery Recycling Plant Manager Kevin Gagnon, who previously held the title of General Manager of Electrode Manufacturing at Panasonic’s (OTCMKTS:PCRFY) battery gigafactory in Nevada. Gagnon has spent more than three decades in lead operations positions for companies in the functional materials and chemical spaces.
Dan Lieber is another new hire. Lieber hails from Tesla (NASDAQ:TSLA), where he served on the Environmental, Health and Safety (EHS) team. At American Battery, Lieber will hold the position of Senior Manager of EHS.
Lieber isn’t the only former Tesla staffer joining the company. Mike Banks, who served as Production Engineering Supervisor and Associate Manager at Tesla, will be American Battery’s new Operations Maintenance Manager.
American Battery Technology Company CEO Ryan Melsert recently addressed the new hires in a statement:
“We are excited to have such a talented and experienced set of operations leaders join us as we progress through the commissioning and ramp up of our first of kind facilities […] In a highly competitive talent recruitment environment, it is a testament to our current team and to our corporate mission and culture that we are able to continue to attract such high caliber individuals.”
The Road Ahead
As a penny stock, American Battery spent most of 2022 flying under the radar. But this hiring news suggests that it may be gearing up to change that. Late in the year, ABML stock surged when President Joe Biden announced an influx of aid for domestic battery companies. Now, American Battery is working hard to scale operations and cash in on demand for battery materials.
This is an excellent time to be betting on companies in the EV battery space. As data indicates, experts expect the global electric vehicle (EV) battery market to hit $225.55 billion by 2030. ABML stock could certainly earn a place among the sector’s winners.
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.