Business
Aqua Metals Completes Industry-First Pilot Plant, Advances Commerical-Scale Operations, Strengthens Balance Sheet During Second Quarter of 2023
Company producing high-purity, salable quantities of critical battery materials and metals to generate revenue this year RENO, Nev., Aug. 09, 2023 (GLOBE
About this update from Aqua Metals, Inc.
[{"type":"text","content":"Company producing high-purity, salable quantities of critical battery materials and metals to generate revenue this year\nRENO, Nev., Aug. 09, 2023 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals\" or the \"Company”), a pioneer in sustainable lithium battery recycling, today announced financial results and provided a business update for the second quarter ended June 30, 2023. Second Quarter and Recent Highlights: Commercialization initiatives Announced a strategic partnership and non-recurring engineering agreement (NRE) with 6K Energy to develop next-generation low-carbon battery materials, and received service fee payments.Secured more than 3,000 tons of black mass input material from diverse suppliers, sufficient to reach commercial-scale processing in 2024, while advancing further supply agreements and partnerships.Established a strategic partnership with South Korea-based Yulho Co., Ltd. and Yulho Materials (“Yulho”) to expand geographic footprint through the proposed licensing of Li AquaRefining™ technology in Yulho Materials’ plant in South Korea. Operational initiatives Successfully completed commissioning of the Company’s pilot facility and transitioned to 24x5 operations. The Company is now recovering the full suite of valuable metals, including lithium hydroxide, nickel, cobalt, copper, and manganese dioxide, and scaling pilot operations to full capacity. Financial initiatives Bolstered financial strength with several successful balance sheet transactions, including an equity raise, strategic investment and partnership with Yulho Co., Ltd., and asset sale of our former building, which provided over $30 million in capital. “Our rapid progression from piloting our technology to commercialization is accelerating,” commented Steve Cotton, President and Chief Executive Officer of Aqua Metals. “In the last few months, we have solidified our balance sheet, giving us sufficient capital to execute our near-term plans, we have advanced our manufacturing initiatives in our new, five-acre clean metals recycling campus, and expanded our partner channel and geographic presence with new strategic agreements.” Mr. Cotton continued, “In addition to our own campus recycling facility in Tahoe-Reno, Nevada, we have entered into negotiations and planning for the co-development of a state-of-the-art battery metals produc...