Aqua Metals Receives Estimated $3.6 Million in Nevada Tax Incentives
September 22 2016 - 8:30AM
Aqua Metals (NASDAQ:AQMS), which is commercializing a non-polluting
electrochemical lead recycling technology called AquaRefining™,
today announced that the State of Nevada granted the company key
tax incentives worth an estimated $3.6 million as a result of
facilitating economic development and bringing jobs to the state.
Aqua Metals recently opened its AquaRefinery™ – the
first-ever clean lead recycling plant – in the Tahoe-Reno
Industrial Center in Nevada. The Company expects the AquaRefinery
will create over 50 jobs by the end of the year, with that number
continuing to grow throughout 2017.
The Governor’s Board of Economic Development granted Aqua Metals
the Real Property Tax Abatement for Recycling, the Sales and Use
Tax Abatement, the Modified Business Tax Abatement and the Personal
Property Tax Abatement.
“The State of Nevada provides an incredibly business-friendly
environment. These incentives will substantially support our bottom
line as we begin to ramp recycling production and generate
revenue,” said Thomas Murphy, CFO of Aqua Metals. “The local Nevada
officials have a great deal of experience in working with companies
to build large facilities in the region, which helps to streamline
processes – from the plant’s construction through business
operations. Part of our mission is to run a business that is both
economically and environmentally sustainable, and Nevada’s
pro-business policies are a big part of making that a reality.”
AquaRefining utilizes a fundamentally non-polluting, room
temperature, closed-loop, water-based process to recycle lead-acid
batteries. The resulting lead is as pure as, or purer than, mined
lead and is cost-competitive with lead from other lead recycling
facilities. The Company has deep strategic relationships with key
industry partners, including Interstate Batteries, Battery Systems
International and Wirtz Manufacturing.
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 built its first recycling facility in
Nevada’s Tahoe-Reno Industrial Center. 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, 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 Quarterly Report on Form
10-Q filed with the SEC on August 10, 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.
Media Relations:
Antenna
Brigit Carlson
201-465-8031
brigit@antennagroup.com
www.antennagroup.com
Investor Relations:
MZ North America
Greg Falesnik
949-385-6449
greg.falesnik@mzgroup.us
www.mzgroup.us
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