Business
Aqua Metals Receives Additional $1.5M Insurance Payment; Collections to Date Reach $21.8M
MCCARRAN, Nev., Sept. 29, 2020 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”), which is reinventing lead recycling with
About this update from Aqua Metals, Inc.
[{"type":"text","content":"MCCARRAN, Nev., Sept. 29, 2020 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”), which is reinventing lead recycling with its AquaRefining™ technology, announced today it has received an additional progress payment of $1.5 million from its insurance provider. The Company has now collected a total of $21.8 million of insurance proceeds related to the November 2019 fire event. Of the total proceeds received to date, $14.2 million have been paid to Aqua Metals and the balance of $7.6 million have been allocated to the retirement of the Veritex Bank loan. \n Including this payment, Layer 3 has now paid out $9.3 million, which is approximately 75% of the total Layer 3 insurance coverage amount of $12.5 million. Layer 4, for which the Company previously submitted property, casualty and business interruption claims, accounts for the remaining $25.0 million of the potential $50.0 million of total collections. The Company continues to collaborate with its insurance provider and is making progress toward receiving additional anticipated progress payments. About Aqua Metals Aqua Metals, Inc. (NASDAQ: AQMS) is reinventing lead recycling with its patented AquaRefining™ technology. Unlike smelting, AquaRefining is a room temperature, water-based process that emits less pollution. The modular systems are intended to allow the Company to vastly reduce environmental impact and scale lead acid battery recycling production capacity by licensing the AquaRefining technology to partners. This could help to meet growing demand for lead to power new applications including stop/start automobile batteries which complement the vehicle’s main battery, lead acid batteries which are in electric vehicles, Internet data centers, alternative energy applications including solar, wind, and grid scale storage. Aqua Metals is based in McCarran, Nevada. Aqua Metals has used, and intends to continue using, its investor relations website (https://ir.aquametals.com), in addition to its Twitter, LinkedIn and YouTube accounts at: https://twitter.com/AquaMetalsInc (@aquametalsinc), https://www.linkedin.com/company/aqua-metals-limited and https://www.youtube.com/channel/UCvxKNWcB69K0t7e337uQ8nQ respectively, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Safe...