Business
Aqua Metals Strengthens Balance Sheet and Secures Strategic Investment and Partnerships During Third Quarter of 2023
Receives recognition for sustainability innovation and partnership validation of lithium battery recycling solution RENO, Nev., Nov. 08, 2023 (GLOBE NEWSWIRE)
About this update from Aqua Metals, Inc.
[{"type":"text","content":"Receives recognition for sustainability innovation and partnership validation of lithium battery recycling solution\nRENO, Nev., Nov. 08, 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 third quarter ended September 30, 2023. Third Quarter and Recent Highlights: Bolstered financial strength with successful balance sheet transactions, including an equity raise, and strategic investment and partnership with Yulho Co., Ltd., which provided $25 million in gross proceeds.Supplied Dragonfly Energy with battery-grade, sustainably recycled lithium hydroxide, which was used to manufacture a successfully cycle-tested lithium-based battery cell.Advanced the ongoing strategic partnership with 6K Energy and signed a multi-part memorandum of understanding (MOU) regarding the companies’ plans for co-located facilities to build the first circular supply chain of critical minerals for lithium battery production in the U.S.Completed a lifecycle analysis of the Li AquaRefining process with independent engineering firm ICF International demonstrating the superior environmental performance, cost savings, and waste reductions compared to standard hydrometallurgical battery recycling.Company executives attended a trade delegation to Lower Saxony, Germany to explore opportunities for recycling and critical minerals with government leaders and regional companies.Aqua Metals received a Leader in Sustainability award from the Economic Development Authority of Western Nevada (EDAWN), along with commendations from U.S. Senator Catherine Cortez-Masto and Representative Mark Amodei, and recognition from NV Lt. Governor Stavros Anthony for the company’s sustainable lithium recycling solution.As part of the equity investment and partnership with Yulho, Steve Cotton has joined the board of Yulho and Dr. Sung Yi has joined the board of Aqua Metals. Dr. Sung Yi brings 30 years of experience in battery and fuel cell engineering and currently serves as Professor Emeritus for Chemical Engineering and Collaboration Professor for Battery Engineering at Hanyang University, Seoul, South Korea. “Aqua Metals continues to solidify its standing as a forerunner in sustainable lithium battery recycling in North...