Business
Aqua Metals Reports 2022 Financial Results
Commissioning of Lithium Pilot Plant in Reno, Securing of Future Commercial Site, Drive Optimism for 2023 and Beyond RENO, Nev., March 09, 2023 (GLOBE
About this update from Aqua Metals, Inc.
[{"type":"text","content":"Commissioning of Lithium Pilot Plant in Reno, Securing of Future Commercial Site, Drive Optimism for 2023 and Beyond\nRENO, Nev., March 09, 2023 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals\" or the \"Company”), which is reinventing metals recycling with its AquaRefining™ technology, today announced financial results and provided a business update for the fourth quarter and full-year period ended December 31, 2022. Recent Highlights: Aqua Metals ended the year with $7.1 million in cash and $10.9 million in working capital. Management expects to receive an additional $12 million by the end of March 2023 related to the sale of its former Tahoe-Reno facility.Aqua Metals commissioned its recycling pilot operation at its Innovation Center in Tahoe-Reno Industrial Center during the fourth quarter of 2022, and in early 2023, the Company produced high-purity copper and lithium hydroxide. The Company has and expects to host additional potential strategic partner visits in 2023.The Company acquired a five acre parcel of land inclusive of an approximately 21,000 square foot existing building and announced plans to immediately improve the building during 2023. Phase 1 of the campus environment and the first Li AquaRefining commercial scale recycling plant will have an expected capacity to process 3,000 metric tons of spent LiB input material into saleable materials (~$60,000,000 in revenue based on current metals values). The company also shared its vision for an integrated clean metals campus on the site, with additional buildings and space for 10,000 metric tons of total processing capacity.The Company’s Pb AquaRefining partner in Taiwan (ACME Metal) continued its progress. ACME Metal is producing ultra-pure lead in Taiwan and will continue to operate the Phase I system as a showcase for potential industry partners and future customers to witness first-hand. “We have recently realized several key milestones to position us for acceleration, transformation, and success in 2023,” commented Steve Cotton, President and Chief Executive Officer. “We opened our pilot operation in the Tahoe-Reno Industrial Center in December, and we are now beginning to produce high-purity metals like copper and premium products like lithium hydroxide at industrial scale. We also secured the campus for our proposed high-volume commercial oper...