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Aqua Metals Receives $2 Million Deposit from LiNiCo for Aqua Metals’ Recycling Facility at the Tahoe Reno Industrial Center
Second deposit received, applied toward $15.25 million purchase option RENO, Nev., Oct. 26, 2022 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua
About this update from Aqua Metals, Inc.
[{"type":"text","content":"Second deposit received, applied toward $15.25 million purchase option\nRENO, Nev., Oct. 26, 2022 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals\" or the “Company”), which is reinventing metals recycling with its AquaRefining™ technology, today announced that the Company has received a $2 million, non-refundable deposit from LINICO Corporation, a Nevada corporation, (“LiNiCo”), as part of the previously-announced Industrial Lease Agreement with LiNiCo. Per the agreement, dated February 15, 2021, Aqua Metals leased its 136,750 square-foot recycling facility at the Tahoe Reno Industrial Center, or TRIC to LiNiCo. During the lease term, LiNiCo has the option to purchase the land and facilities at a purchase price of $15.25 million if the option is exercised and the sale is completed after October 1, 2022 and prior to March 31, 2023. The purchase option is subject to LiNiCo’s payment of two nonrefundable deposits, an initial $1.25 million which was paid by October 15, 2021 and a second nonrefundable deposit of $2 million by November 1, 2022, both of which will be applied towards the purchase price. The lease agreement is a triple-net lease pursuant to which LiNiCo will be responsible for all fixed costs, with monthly lease payments starting at $68,000 per month and increasing to $100,640 in the last six months of the lease. Aqua Metals ended the third quarter with cash balances of $9.3 million, and, with this deposit, the Company added an additional $2 million to its balance sheet. “The early payment of this second deposit significantly bolsters our cash reserves as we approach revenue milestones for our AquaRefining™ technology,” commented Judd Merrill, Chief Financial Officer of Aqua Metals. About Aqua MetalsAqua Metals, Inc. (NASDAQ: AQMS) is reinventing metals recycling with its patented hydrometallurgical AquaRefining™ technology and is providing sustainable metal recycling for materials strategic to energy storage applications. Unlike smelting, AquaRefining is a room temperature, water-based process that emits less pollution. Aqua Metals is applying its commercialized clean, water-based recycling technology principles to develop the cleanest and most cost-efficient recycling solution for lithium-ion batteries starting with its Li pilot plant. The Company is scaling production of Li recycling and is explorin...