Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”),
which is reinventing lead recycling with its AquaRefining™
technology, announced it has successfully performed test runs on
the second iteration of its electrolyzer as part of the Company’s
V1.25L program. The program consists of three iterations that are
classified as V1.25a, V1.25b and the final iteration, V1.25L, the
latter of which will be used to create the AquaRefining
electrolyzer package for the Company’s equipment supply and
licensing offerings.
This second iteration of improvements
incorporates key changes intended to further enhance the
AquaRefining value proposition by reducing build and operating
costs and increasing uptime and throughput.
The core improvement in V1.25b is the new,
larger single tank/frame assembly. The improved tank replaces
the previous tank that required multiple components, while also
serving as the frame for the electrolyzer. The new
configuration should allow for the electrolyzers to run for months
at a time with lower build, labor, operating and maintenance
costs. V1.25b provides additional improvements of internal
components scheduled to be introduced in test runs in the coming
weeks. The Company expects these enhancements to provide further
cost and reliability improvements; drawing from the experience
gained in 2018 and 2019 when the Company produced over 35,000
certified high purity ingots that our partner Clarios, the Worlds’
largest battery manufacturer, purchased for the manufacture of
batteries.
The Company continues to utilize and will
continue to benefit from its stockpile of lead concentrate
throughout the V1.25L program. As the Company now prepares for the
third iteration, V1.25L, additional runs of V1.25b will be
performed to demonstrate consistency and to further validate the
improvements. The V1.25L program continues to be on schedule, with
an expected completion date in the first quarter of 2021.
As previously communicated, the V1.25L program
does not fundamentally change the key operating parameters of the
AquaRefining electrolyzers. The program is intended to build upon
previous operational success and target key areas of “case
hardening”, thus providing a strong and robust AquaRefining
equipment value proposition to the marketplace.
Each iteration focuses on the following intended
improvements:
- V1.25a – (Successfully completed) - Full automation and process
control, optimized concentrate feed/recovery system
- V1.25b – (Now operating) - Decreased build cost, tank
improvements designed to lower maintenance costs and improve the
maintenance free cycle from one to three months or longer in a
steady state of operation
- V1.25L – (Coming soon) Improved operating cost, electrical
efficiencies, full data logging and web data portal
“Our collective track record in readying complex
and robust products for the marketplace coupled with our deep
experience in commercial AquaRefining operations that took place in
2018 and 2019 has us on schedule with the V1.25L AquaRefining
electrolyzer program as we prepare to release the product to our
first anticipated customer in shippable form by Q1, 2021,” said
Steve Cotton, President and Chief Executive Officer. “Discussions
with potential licensees continue to progress. Last week, the
Company announced our largest payment tranche to date of $5.279M in
insurance proceeds. The continued strengthening of our cash
position continues to fuel our efforts as we are now on the
cusp of offering the $65B+ lead acid battery industry our cost
effective and transformative AquaRefining equipment and technology
upgrade to enable the growing demands of sustainable energy
storage.”
The Company will post pictures of V1.25b in the
next day or two and continue to provide updates via Twitter (follow
us here) and the Company’s website.
Aqua Metals is also pleased to announce that the
Company will be presenting at the LD Micro 500 Conference, taking
place September 1-4, 2020. The conference will be held via
webcast and will feature over 321 companies in the small/micro-cap
space. Aqua Metal's Chief Executive Officer Steve Cotton is
scheduled to present at 12PM EDT/9AM PDT on September 3, 2020.
Interested parties looking to attend the webinar can register in
advance at the following link:
https://www.webcaster4.com/Webcast/Page/2019/36584
Aqua Metal’s company profile can be viewed here:
https://www.ldmicro.com/profile/AQMS
About LD Micro
Back in 2006, LD Micro began with the sole
purpose of being an independent resource to the microcap
world. What started as a newsletter highlighting unique
companies, has transformed into the pre-eminent event platform in
the space. The upcoming “500” in September is the Company’s most
ambitious project yet, and the first event that is accessible to
everyone.
About Aqua Metals
Aqua Metals, Inc. (NASDAQ: AQMS) is reinventing
lead recycling with its patented AquaRefining™ technology. Unlike
smelting, AquaRefining is a room temperature, water-based process
that emits less pollution. The modular systems are intended to
allow the Company to vastly reduce environmental impact and scale
lead acid battery recycling production capacity by licensing the
AquaRefining technology to partners. This could help to meet
growing demand for lead to power new applications including
stop/start automobile batteries which complement the vehicle’s main
battery, lead acid batteries which are in electric vehicles,
Internet data centers, alternative energy applications including
solar, wind, and grid scale storage. Aqua Metals is based in
McCarran, Nevada.
Aqua Metals has used, and intends to continue
using, its investor relations website (https://ir.aquametals.com),
in addition to its Twitter, LinkedIn and YouTube accounts
at: https://twitter.com/AquaMetalsInc (@aquamatalsinc), https://www.linkedin.com/company/aqua-metals-limited and https://www.youtube.com/channel/UCvxKNWcB69K0t7e337uQ8nQ respectively,
as means of disclosing material non-public information and for
complying with its disclosure obligations under Regulation FD.
Safe Harbor
This press release contains forward-looking
statements concerning Aqua Metals, Inc. Forward-looking statements
include, but are not limited to, our plans, objectives,
expectations and intentions and other statements that contain words
such as "expects," "contemplates," "anticipates," "plans,"
"intends," "believes", "estimates”, "potential“ and variations of
such words or similar expressions that convey uncertainty of future
events or outcomes, or that do not relate to historical matters.
The forward-looking statements in this press release include our
expectations for the development and completion of our the V1.25
electrolyzer and the benefits of the V1.25 electrolyzer and the
future of lead acid battery recycling via traditional smelters.
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 risk that we
may not be able to complete the development of our V1.25
electrolyzer; (2) the risk that we may not realize the expected
benefits from our V1.25 electrolyzer; (3) the risk that our
insurance recovery from our claims relating to the November 2019
fire at our TRIC facility and proceeds from the sale of legacy
assets will not be sufficient to fund our accelerated licensing
strategy; (4) the risk that we may not be able to satisfactorily
demonstrate to potential licensees the technical and commercial
viability of our V1.25 electrolyzer and AquaRefining process; (5)
the risk that licensees may refuse or be slow to adopt our
AquaRefining process as an alternative to smelting in spite of the
perceived benefits of AquaRefining; (6) the risk that we may not
realize the expected economic benefits from any licenses we may
enter into; (7) the risk that we will have to engage in additional
sales of our equity securities in order to fund our future
operations; (8) the risk that further funding, by any means, may
not be available at all; (9) the fact that have not generated any
significant revenue to date, thus subjecting us to all of the risks
inherent in an early-stage company; (10) the risk that our patents
and any other patents that may be issued to it may be challenged,
invalidated, or circumvented; (11) the risk that we may not be able
to successfully conclude our proposed joint development agreement
with Clarios or, if we do, realize the expected benefits of such
agreement; (12) changes in the federal, state and foreign laws
regulating the recycling of lead acid batteries; (13) our ability
to protect our proprietary technology, trade secrets and know-how
and (14) those other risks disclosed in the section "Risk Factors"
included in our Quarterly Report on Form 10-Q filed on August 4,
2020 and subsequent SEC filings. 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, except as
required by law.
Contact: Glen Akselrod, Bristol Capital(905)
326-1888, Ext. 1glen@bristolir.com
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