Business
Aqua Metals Advances Sierra-ARC Lithium Battery Recycling Campus and Secures Offtake Partnership; Reports Full-Year 2023 Financial Results
RENO, Nev., March 27, 2024 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS), a pioneer in sustainable lithium-ion battery recycling, today reported
About this update from Aqua Metals, Inc.
[{"type":"text","content":"RENO, Nev., March 27, 2024 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS), a pioneer in sustainable lithium-ion battery recycling, today reported financial results for the full-year ended December 31, 2023. Full-Year 2023 Financial and Recent Operational Highlights Operational Established a platform for commercial production by successfully commissioning the Li AquaRefining™ pilot plant and operating the plant for over one year including 24-hour/five-day per week operations at the Company’s Innovation Center, with the recovery of lithium hydroxide and carbonate, nickel, copper, cobalt, and manganese dioxide, and de-risking through pilot operations.Completed an engineering report that included a Life Cycle Analysis (LCA) of Li AquaRefining™ through ICF, an internationally recognized third party, showing an 83% reduction in CO2 emissions versus standard hydrometallurgy processes.Acquired a five-acre parcel in Tahoe-Reno and materially completed major upfit of the existing building to advance Phase 1 of the Sierra AquaRefining™ Campus (ARC) on time and within budget with commissioning beginning this summer and commercial production commencing this year with expected financing. Commercial Advanced its ongoing strategic partnership with 6K Energy and signed a multi-part memorandum of understanding (MOU) regarding plans for co-located facilities to build the first circular supply chain of critical minerals for lithium battery production in the US, that follows the successful completion of the non-recurring engineering agreement (NRE) where Aqua Metals developed novel and patent-pending metals to pCAM (precursor cathode active material) technology for 6K.As announced yesterday, executed a supply agreement between Aqua Metals and 6K Energy, representing a first-of-its-kind collaboration designed to address the escalating demand for recycling Li-ion batteries by offering manufacturers access to low-cost, low-carbon, domestically produced critical materials.Supplied Dragonfly Energy with battery-grade, sustainably recycled lithium hydroxide, which was used to manufacture and successfully cycle-tested lithium-based battery cell. Financial Completed an equity raise, and strategic investment and partnership with Yulho, Co., Ltd., which provided $25 million in gross proceeds.Advanced flexible business model strategy, supporting partners...