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Aqua Metals Secures Tax Abatement for Sierra ARC Battery Recycling Campus, Expected to Boost Nevada’s Clean Energy Economy by $392 Million
RENO, Nev., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS), a pioneer in sustainable lithium-ion battery recycling, today announced the
About this update from Aqua Metals, Inc.
[{"type":"text","content":"RENO, Nev., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS), a pioneer in sustainable lithium-ion battery recycling, today announced the receipt of an economic incentive package of approximately $2.2 million from the Nevada Governor’s Office of Economic Development (GOED) which will assist the Company in its Nevada expansion. Pursuant to the terms of the abatement, this impactful support encompasses partial tax relief over a ten-year period towards approximately $17 million worth of equipment and $18 million worth of building and land improvements planned for the first phase of the Company’s Sierra AquaRefining™ Campus (ARC). According to GOED, the total economic impact of Aqua Metals investments and job creation to the state of Nevada is projected to total more than $392 million over the next 10 years defined as benefits the Company and its operations will have on the community and state economy measured by total number of jobs, payroll and created output. The investments are also projected to generate approximately $4.6 million of direct and indirect net new tax revenues for the state. “We are immensely grateful for the programs from the State of Nevada via the Governor’s Office of Economic Development that support new and expanding companies and appreciate the strong affirmation of our innovative approach to sustainable recycling,” said Steve Cotton, President and Chief Executive Officer of Aqua Metals. “This economic incentive will bolster our efforts at the Sierra ARC, further enabling us to continue creating good-paying jobs and contribute even more significantly to Nevada's growing clean energy sector.” Aqua Metals has made significant strides in advancing its Sierra ARC project, having initiated the construction and upfitting of its five-acre clean metals recycling campus in 2023. The focus on Phase One of the Sierra ARC project is bolstered by the tax abatement aimed at accelerating the facility's development. Recent progress at the campus includes the completion of cement pouring for new flooring, the installation of steel framework for the internal superstructure, and upgrades to electrical and mechanical systems in the building in preparation for equipment installation. This progress paves the way for black mass to be introduced into the Company’s proprietary AquaRefining™ system in the first half ...