Aqua Metals Begins Production of Ingots; Updates Progress on Module Utilization and Capital Projects
October 12 2018 - 8:30AM
Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”),
which is reinventing lead recycling with its AquaRefining™
technology, today announced that it has added ingots as part of its
finished product offerings and has made significant progress
towards steady state module utilization.
“We are now complementing our initial finished product offering
of large lead blocks with smaller lead ingots, the preferred lead
format for our battery manufacturer customers,” commented Steve
Cotton, President of Aqua Metals. “We have overcome the technical
hurdles and are now making lead ingots at steady state. This will
allow us to ship our ultra-pure AquaRefined lead directly to
battery manufacturers for production and also allow them to test
our AquaRefined lead for improved battery performance and
life.”
To view a video of the ingoting line in process, please click
here: https://youtu.be/A1nXVNV5ULc
Cotton added, “We have also made considerable progress
increasing the daily utilization and hourly production rate of or
AquaRefining process to near steady state levels while delivering
what we believe to be the purest lead produced in America. We have
achieved production levels of 100 kg per hour on individual modules
operating 20+ hours per day, resulting in daily production of 2+
metric tons of AquaRefined lead per day on those individual
modules.
“We are currently operating one module at a time until we can
recapture and reuse our proprietary electrolyte,” Cotton continued.
“Our engineers have designed the process and we have procured the
equipment that we believe will allow us to recapture this
electrolyte, which will greatly improve our contribution margin per
metric ton of lead. We are deploying these improvements in two
phases. We estimate Phase One will take us up to 75% towards our
target for electrolyte recapture and Phase Two will complete the
remaining 25%. We have completed testing of Phase One of the system
and have begun installing the equipment. We have also begun testing
Phase Two, and are very pleased with the initial results.”
Cotton concluded, “We are still tracking towards our goal of
completing Phase One of our electrolyte management upgrades by the
end of the year which will position us to roll out additional
modules. This is an aggressive timeline, but we are laser-focused
in attempting to meet it. Finally, we have additional initiatives
underway to improve margins on product sales and feedstock. We will
provide additional detail on the progress of all of these projects
in the fourth quarter of 2018.”
Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/6131b35d-0f93-4696-b6ea-0fa325cb8714
http://www.globenewswire.com/NewsRoom/AttachmentNg/80306c49-a5a2-4de6-8d59-36b72589849b
http://www.globenewswire.com/NewsRoom/AttachmentNg/8ef10b79-9c6e-43de-9ac5-ac0c1a7336c4
About Aqua MetalsAqua 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 significantly less
emissions. The modular systems are intended to allow the Company to
vastly reduce environmental impact and scale lead acid recycling
production capacity by licensing the AquaRefining technology to
partners. This would meet growing demand for lead to power new
applications including stop/start automobile batteries which
complement the vehicle’s main battery, Internet data centers,
alternative energy applications including solar, wind, and grid
scale storage. Aqua Metals is based in Alameda,
California, and has built 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.
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” and variations of
such words or similar expressions that predict or indicate future
events or trends, or that do not relate to historical
matters. The forward looking statements in this release
include the strength and efficacy of Aqua Metals’ portfolio of
patent applications and issued patents, the lead acid battery
recycling industry, 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 and
efficiency of the Company’s 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 risk that the Company may not be able to produce and market
AquaRefined lead on a commercial basis or, if the Company
achieves commercial operations, that such operations will be
profitable, (2) the fact that the Company only recently commenced
production of AquaRefined lead and has not generated significant
revenue from the sale of AquaRefined lead to date, thus subjecting
the Company to all of the risks inherent in an early-stage
company; (3) the risk no further patents will be issued on
the Company’s patent applications or any other application that it
may file in the future and that those patents issued to date and
any patents issued in the future will be sufficiently broad to
adequately protect the Company’s technology, (4) the risk that the
Company’s initial patents and any other patents that may be issued
to it may be challenged, invalidated, or circumvented, (5) risks
related to Aqua Metals’ ability to raise sufficient capital, as and
when needed, to develop and operate its recycling facilities and
fund continuing losses from operations as the Company endeavors to
achieve profitability; (6) changes in the federal, state and
foreign laws regulating the recycling of lead acid batteries; (7)
the Company’s ability to protect its proprietary technology, trade
secrets and know-how and (8) those other risks disclosed in the
section “Risk Factors” included in the Company’s Quarterly Report
on Form 10-Q filed on August 8, 2018. 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: Alison Ziegler, Darrow Associates (201)
220-2678aziegler@darrowir.com
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