Interstate Batteries and Aqua Metals Form Strategic Partnership
May 19 2016 - 8:30AM
Aqua Metals, Inc. (NASDAQ:AQMS) (Aqua Metals), which is
commercializing a non-polluting electrochemical lead recycling
technology called AquaRefining™, today announced the signing of
definitive agreements with Interstate Batteries. Interstate
Batteries is the No. 1 replacement battery brand, the largest
independent battery distribution system in North America and the
country’s leading battery recycler.
Upon the closing of these agreements, Interstate Batteries has
agreed to supply more than a million automotive and other lead-acid
batteries as feedstock for Aqua Metals’ AquaRefineries. This
partnership will start with Aqua Metals’ first AquaRefinery, which
will be located in Nevada’s Tahoe-Reno Industrial Complex (TRIC)
and is set to open in July 2016. Interstate Batteries will also
make a strategic investment of approximately $10 million into Aqua
Metals.
With a nationwide network of more than 200,000 dealers returning
battery cores, Interstate Batteries recycled more than 24.9 million
automotive batteries in 2015, which is more than it sells. In the
automotive industry alone, Interstate Batteries sells more than 17
million automotive batteries annually in addition to powering
everything including marine and heavy equipment, golf carts, lawn
and garden care equipment, data center cloud infrastructure and
security systems.
“Interstate Batteries seeks out innovation, pursues
opportunities and invests in the technology we need to succeed not
just today, but also tomorrow,” said Scott Miller, president and
CEO of Interstate Batteries. “Our focus is on the future of our
industry and continued growth. Aqua Metals’ breakthrough technology
is a promising new way for recycling lead-acid batteries.”
Aqua Metals’ patent-pending AquaRefining process is an
environmentally friendly electrochemical process for recycling
lead-acid batteries. AquaRefining is a closed-loop, room
temperature, water-based recycling method that is fundamentally
non-polluting, yet able to yield nearly 100 percent lead
recovery.
“With its forward-thinking environmental goals, broad
distribution network and strong brand name, Interstate Batteries is
an ideal partner for us as we scale our business,” said Dr. Stephen
Clarke, chairman and CEO of Aqua Metals. “As we grow, we are able
to create a more sustainable ecosystem for lead as a power source.
We look forward to growing our partnership with Interstate
Batteries.”
Interstate Batteries’ $10 million strategic investment into Aqua
Metals will be in the form of common stock, a fixed-price note that
converts into common stock, and two cash warrants to purchase
common stock over the next three years.
Concurrent with all of these agreements with Interstate
Batteries, Aqua Metals signed definitive agreements with various
institutional and individual accredited investors to raise
additional gross proceeds of approximately $5.1 million in a
private placement of common stock. National Securities Corporation,
a wholly owned subsidiary of National Holdings, Inc. (NASDAQ:NHLD),
acted as sole placement agent for the additional $5.1 million
investment. The Liquid Venture Partners group at National
Securities Corporation was primarily responsible for the sourcing
and execution of that portion of the investment.
All of these agreements are expected to close on or before May
23, 2016, subject to customary closing conditions. Additional
details of all of the agreements are included in the Aqua Metals’
recently filed Quarterly Report on Form 10-Q.
About Interstate BatteriesInterstate’s
starting, lighting, ignition (SLI) batteries have been under
millions of car hoods since 1952, each one backed by Outrageously
Dependable® service, quality and value. Interstate PowerCare offers
premier products, technical expertise and reliable service for
critical and motive power needs, and Interstate All Battery Centers
meet the growing demand for portable power in both retail and
commercial markets. Today, Interstate sells more than 17 million
batteries in North, Central and South America and China – and they
recycle more than they sell. With a nationwide network of more than
200,000 dealers returning battery cores, they’ve turned batteries
into one of America's greatest recycling successes. For more
information, please visit www.interstatebatteries.com.
About Aqua MetalsAqua Metals (NASDAQ:AQMS) is
reinventing lead recycling with its patent-pending
AquaRefiningTM technology. Unlike smelting, AquaRefining is a room
temperature, water-based process that is fundamentally
non-polluting. These modular systems are expected to allow
the lead-acid battery industry to simultaneously improve
environmental impact and scale production to meet rapidly growing
demand. Aqua Metals is based in Alameda, California, and is
building its first recycling facility in Nevada’s Tahoe Reno
Industrial Complex. To learn more, please visit
www.aquametals.com.
Safe Harbor This press release contains
forward-looking statements concerning Aqua Metals, Inc., the
lead-acid battery recycling industry, the intended benefits of its
agreements with Interstate Batteries, the future of lead-acid
battery recycling via traditional smelters, the Company’s
development of its commercial lead-acid battery recycling
facilities and the quality, efficiency and profitability of Aqua
Metals’ proposed lead-acid battery recycling operations. Those
forward-looking statements involve known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially. Among those factors are: (1) the fact that
Company has not yet commenced revenue producing operations or
developed its initial commercial recycling facility, thus
subjecting the Company to all of the risks inherent in a
pre-revenue start-up; (2) the uncertainties involved in any new
commercial relationship and the risk that Aqua Metals will not
receive the intended benefits of its agreements with Interstate
Batteries; (3) risks related to Aqua Metals’ ability to raise
sufficient capital, as and when needed, to develop and operate its
recycling facilities; (4) changes in the federal, state and foreign
laws regulating the recycling of lead-acid batteries; (5) the
Company’s ability to protect its proprietary technology, trade
secrets and know-how and (6) those other risks disclosed in the
section “Risk Factors” included in the Annual Report on Form
10-K filed with the SEC on March 28, 2016. Aqua Metals
cautions readers not to place undue reliance on any forward-looking
statements. The Company does not undertake, and specifically
disclaims any obligation, to update or revise such statements to
reflect new circumstances or unanticipated events as they
occur.
Aqua Metals Media Relations:
Antenna
Sharon Golubchik
Director
609-418-0058
aquametals@antennagroup.com
Aqua Metals Investor Relations:
MZ North America
Greg Falesnik
Senior Vice President
Main: 949-385-6449
greg.falesnik@mzgroup.us
www.mzgroup.us
Interstate Batteries Media Relations:
Jackson Spalding
Patrick Hill
404-724-2506
phill@jacksonspalding.com
John Tucker
917-576-2813
jtucker@jacksonspalding.com
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