Business
Aqua Metals Announces Third Quarter 2020 Results
Company Also Receives Additional Insurance Proceeds Recent Highlights: Received additional insurance payment of $0.7 million on October 20, bringing total
About this update from Aqua Metals, Inc.
[{"type":"text","content":"Company Also Receives Additional Insurance Proceeds\nRecent Highlights:\n Received additional insurance payment of $0.7 million on October 20, bringing total collected to $22.6 million; potential to collect up to $30.0 million for the replacement value of damaged assets, not including potential business interruption recovery proceeds Escrow balance has grown to $7.9 million, allocated for the retirement of the Veritex loan; the Company anticipates retiring the $8.5 million net balance on the Veritex loan, leaving it debt free by the end of 2020Successful and regular operation of the second of three iterations of the V1.25 electrolyzer program, ahead of schedule Fabrication and continued testing of the V1.25b electrolyzer have validated anticipated improvements, including reduced build cost, higher throughput and lower maintenance costs Poised to begin operating the V.125L electrolyzer by the end of October, ahead of schedule Patent portfolio enhanced through the grant of a new patent; robust intellectual property assets now consist of 45 patents allowed or granted in 17 countries/regions $5.6 million of cash on hand at quarter end; made further progress regarding ongoing rate of cash spendCompany has implemented its capital light, AquaRefining™ equipment supply and licensing business model Began the sale process of non-core assets and several parties have expressed interest in potential acquisition of the McCarran, Nevada facility Continued progress with potential licensing partners; ongoing discussions with several parties, inclusive of Clarios MCCARRAN, Nev., Oct. 22, 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 third quarter ended September 30, 2020. Steve Cotton, President and Chief Executive Officer, commented “I continue to be pleased with Aqua Metals’ progress as we focus on our low capital, equipment supply and licensing business model. The V1.25L program is moving forward and remains ahead of schedule. The redesign of the frame and tank utilized for V1.25b validated our expectations regarding improved build and maintenance costs, among other enhancements. These improvements have simplified the overall electrolyzer design and improved the maintenanc...