Aqua Metals Returns To AquaRefinery To Complete V1.25 Electrolyzer Installation and Operation
May 21 2020 - 8:00AM
Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”),
which is reinventing lead recycling with its AquaRefining™
technology, announced that key personnel have returned to the
AquaRefinery in compliance with COVID-19 re-opening protocols and
Nevada law. The Company is continuing infrastructure work,
advancing the V1.25 electrolyzer build, installation and
commissioning as well as continuing the demolition and recovery
activities for the area of the plant that suffered damage from the
November 2019 fire.
This continued work, that was interrupted in
March because of COVID-19 restrictions, is finalizing and
validating the productization of its AquaRefining electrolyzers
with key incremental improvements. The improvements currently under
development are anticipated to build on the previous success that
was demonstrated by predecessor electrolyzer models. These
advancements are expected to further reduce costs and increase
operating efficiency.
“With our return to the AquaRefinery, we expect
to complete the first V1.25 electrolyzer within 6 weeks, as
previously guided, and begin operating it by July 4th. We plan to
introduce further improvements throughout the summer. We will
simultaneously work on demolition and recovery to restore other
parts of the building,” said Steve Cotton, President and Chief
Executive Officer. “In addition, we are quite pleased we have been
able to recover nearly 100% of the stockpile of concentrate we
produced in Q3 of 2019. This high value asset, that we own, allows
us to operate the V.125 electrolyzers without the need to purchase
battery and chemical feedstock or operate the breaking, separation
and concentrate production areas, thus significantly reducing our
costs to run V1.25.”
The Company will provide additional updates
leading up to the commissioning of its V1.25 electrolyzer via
Twitter (follow us here) and the Company’s website.
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. To learn more, please visit
www.aquametals.com.
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 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 the
V1.25 electrolyzer and the benefits of the V1.25 electrolyzer
success, 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 or receive payments from our insurance
carriers in amounts sufficient to compensate us for our losses; (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 risk that our common stock may be delisted from the Nasdaq
Capital Market due to our inability to regain compliance with
Nasdaq’s minimum bid price requirement; (10) the fact that we only
recently commenced production of AquaRefined lead and have not
generated any significant revenue from the sale of AquaRefined lead
to date, thus subjecting us to all of the risks inherent in an
early-stage company; (11) the risk that our patents and any other
patents that may be issued to it may be challenged, invalidated, or
circumvented; (12) the risk that we may not realize the expected
benefits of our relationship with Veolia; (13) 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; (14) changes in the federal, state and foreign
laws regulating the recycling of lead acid batteries; (15) our
ability to protect our proprietary technology, trade secrets and
know-how and (16) those other risks disclosed in the section "Risk
Factors" included in our Annual Report on Form 10-K filed on March
11, 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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