Business
Aqua Metals Produces High-Value Minerals at Pilot Plant, Secures Site to Expand Commercial Operations, During First Quarter of 2023
Achievements in low-carbon battery materials by Aqua Metals propel partnership with cathode manufacturer 6K Energy RENO, Nev., May 04, 2023 (GLOBE NEWSWIRE)
About this update from Aqua Metals, Inc.
[{"type":"text","content":"Achievements in low-carbon battery materials by Aqua Metals propel partnership with cathode manufacturer 6K Energy\nRENO, Nev., May 04, 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 first quarter ended March 31, 2023. First Quarter and Recent Highlights: Announced a non-recurring engineering agreement (NRE) and long-term partnership with 6K Energy to develop next-generation low-carbon, cathode active material precursors (pCAM), to create a domestic supply chain for critical battery materials.Secured a five-acre campus site, with space to process more than 20 million pounds of lithium-ion batteries annually, including an existing facility to expand operations.Recovered high-purity copper, lithium hydroxide, and nickel from black mass using its proprietary Li AquaRefining™ process, establishing the only operational sustainable lithium battery recycling facility in North America.Strengthened balance sheet with the final $12 million payment received from Comstock Inc. for previously owned property providing sufficient cash balances to execute 2023 plans. “This was a quarter of significant operational progress, as we have further proven our pilot-scale facility, and set the stage for the important next phase of our evolution by securing a five-acre campus for our commercial expansion,” commented Steve Cotton, President and Chief Executive Officer of Aqua Metals. “At our pilot facility, we have successfully recovered a wide-range of high-value, high-purity minerals and finished products, while demonstrating our growing capabilities to potential customers and partners.” Mr. Cotton continued, “We also identified and purchased the ideal site for our clean metals recycling campus in close proximity to leading battery manufacturers in Nevada’s ‘lithium loop.’ This site, which includes an existing building capable of recycling 3,000 tons of lithium battery ‘black mass’ annually, has the potential to be expanded to 10,000 tons total as our business grows. And to demonstrate our progress, this week we announced a development partnership with 6K Energy and signed a letter of intent to supply their first-of-kind PlusCAM cathode manufacturing facility in Jackson, TN that is p...