Business
Aqua Metals Announces Second Quarter 2020 Results
Recent Highlights: Successful and regular operation of the first V1.25 electrolyzer, ahead of scheduleContinued test runs of the V1.25a electrolyzer have
About this update from Aqua Metals, Inc.
[{"type":"text","content":"Recent Highlights:\n Successful and regular operation of the first V1.25 electrolyzer, ahead of scheduleContinued test runs of the V1.25a electrolyzer have demonstrated improvements, including increases in lead produced/hourCollected $15.0 million in insurance proceeds through Q2 2020; potential to collect over $30.0 million for the replacement value of damaged assets, not including potential business interruption recovery proceedsEscrow balance has grown to $4.9 million, allocated for the retirement of the Veritex loanCompany has transitioned to a capital light, AquaRefining™ equipment supply and licensing business modelThe Company is executing on its plan for maintaining adequate cash on hand; current cash and anticipated insurance and asset sale proceeds are expected to be the primary source of capitalizationContinued progress with potential licensing partners; ongoing discussions with several parties, inclusive of Clarios MCCARRAN, Nev., Aug. 04, 2020 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ:AQMS) (“Aqua Metals” or the “Company”), which is reinventing lead recycling with its AquaRefining™ technology, today announced financial and operational results for its second quarter ended June 30, 2020. Steve Cotton, President and Chief Executive Officer, commented “The Aqua Metals team made substantial operational progress during the second quarter. Our V1.25L electrolyzer program commenced ahead of schedule, even with the significant limitations resulting from COVID-19. Through ongoing test runs, we have already seen very encouraging results from the first iteration of this program – V1.25a. Automation enhancements have been implemented and lead produced per hour results have been very encouraging due to improved electrical efficiency. In addition, the groundwork is in place for the fabrication of the second electrolyzer iteration of the program – V1.25b. The design of a new, more cost-effective tank has been completed and a more efficient electrical rectifier is on order as we prepare for installation of our V1.25b iteration. Early indications of the program are very positive, and we believe the results will solidify a robust value proposition for future licensing partners. Financially, we continue to make progress as well. We have collected $15.0 million from our insurance provider, with significantly more expected. We have re...