Business
Aqua Metals to Receive Additional $3.4M Insurance Payments
Company Provides Operational Update MCCARRAN, Nev., April 14, 2021 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS) ("Aqua Metals" or the "Company"),
About this update from Aqua Metals, Inc.
[{"type":"text","content":"Company Provides Operational Update\nMCCARRAN, Nev., April 14, 2021 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS) (\"Aqua Metals\" or the \"Company\"), which is reinventing metals recycling with its AquaRefining™ technology, today announced an initial payment towards its business interruption insurance claim. A payment of approximately $1.4 million will be made from the third layer of insurance, completing the total amount due from this insurance layer. An initial $2.0 million is also anticipated to come from the fourth and final insurance layer. This layer has a payment range of up to $25 million. Future insurance proceeds from the business interruption and property claims are anticipated based on current estimates and calculations. The Company has now collected or secured a total of $27.0 million of insurance proceeds related to the November 2019 fire event. Aqua Metals also confirmed that ongoing discussions with potential licensees and equipment supply partners are advancing. Product development continues with the Company currently operating two Aqualyzers simultaneously. Aqua Metals is also continuing to make progress in research and development related to applying AquaRefining technology to lithium-ion recycling. “We are pleased with the latest progress payments from our insurance provider and the contribution it makes to a strong financial position that allows us to continue to operate in full on all fronts including business development, R&D, and product development. We are also happy with the commencement of our plant lease-to-buy agreement which allows us to remain in the facility while continuing to operate and fine-tune our AquaRefining technology during a transition phase with the plant’s new occupant,” said Steve Cotton, President and CEO of Aqua Metals. “Further, our discussions with potential AquaRefining technology license partners have continued to progress. We are in advanced discussions with several strong candidates regarding AquaFit retrofits, greenfield builds, direct to oxide applications and will keep the market updated this quarter with new developments.” About Aqua Metals Aqua Metals, Inc. (NASDAQ: AQMS) is reinventing metals recycling with its patented hydrometallurgical AquaRefining™ technology. Unlike smelting, AquaRefining is a room temperature, water-based process that emits less pollution....