RENO, Nev., October 26, 2022 (GLOBE NEWSWIRE) — Aqua Metals Co., Ltd. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”) today announced that it is reinventing metal recycling with AquaRefining™ technology. $2 millionnon-refundable deposit Linico Co., Ltd., Nevada As part of a previously announced industrial lease agreement with LiNiCo, we have acquired a joint stock company (“LiNiCo”).
By contract, date February 15, 2021, aqua metal has leased a 136,750-square-foot recycling facility at the Tahoe Reno Industrial Center (TRIC) to LiNiCo. During the lease term, LiNiCo has the option to purchase the land and facilities at the purchase price. $15.25 million If the option is exercised and the sale is completed thereafter October 1, 2022 and before March 31, 2023The purchase option requires LiNiCo to pay two non-refundable deposits. $1.25 million paid by October 15, 2021 and second non-refundable deposit $2 million To November 1, 2022, both applied to the purchase price.The lease agreement is a triple net lease with all fixed costs covered by LiNiCo, with monthly lease payments of $68,000 increasing month by month, $100,640 Last 6 months of lease.
aqua metal ended the third quarter with a cash balance of $9.3 millionand with this deposit, we pay additional $2 million on that balance sheet.
“This early payment of our second deposit will significantly strengthen our cash reserves as we approach our AquaRefining™ technology earnings milestones,” he commented. Judd Merrill,CFO aqua metal.
about aqua metal
Aqua Metals Co., Ltd. (NASDAQ: AQMS) is reinventing metal recycling with its patented hydrometallurgical AquaRefining™ technology to provide sustainable metal recycling of strategic materials for energy storage applications. Unlike smelting, AquaRefining is a clean, room temperature, water-based process. aqua metal applies the principles of commercialized clean water-based recycling technology to develop the cleanest and most cost-effective recycling solution for lithium-ion batteries, starting with a Li pilot plant. The company is expanding its lithium recycling production and is exploring opportunities for his JV and licensing of all AquaRefining technologies. aqua metal It is based on Reno, NevadaFor more information, please visit www.aquametals.com.
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aqua metal In addition to our Twitter, LinkedIn and YouTube accounts, we use and will continue to use our IR website (https://ir.aquametals.com). https://twitter.com/AquaMetalsInc (@AquaMetalsInc), https://www.linkedin.com/company/aqua-metals-limited and https://www.youtube.com/channel/UCvxKNWcB69K0t7e337uQ8nQ are provided as a means of disclosing material, non-public information and to comply with your disclosure obligations under Regulation FD.
This press release contains forward-looking statements regarding: Aqua Metals Co., Ltd. Forward-looking statements express our plans, objectives, expectations and intentions and words such as “expect,” “believe,” “expect,” “plan,” “intend,” and “believe.” Other statements including, but not limited to, ‘, ‘estimate’, ‘may’ and variations of such words or similar expressions that convey uncertainty about future events or outcomes or that are not related to historical matters. ‘s outlook statement includes our expectations of our ability to develop AquaRefining technology for lithium-ion battery recycling and what we expect from our Innovation Center and lithium-ion battery recycling and deployment of our AquaRefining technology. profit included.and equipment to us Taiwan partner facility. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially. These factors include: (1) the risk that the lithium-ion batteries may not be recycled using our AquaRefining process or, if recycled, the expected benefits from such recycling may not be obtained; (2) Benefits expected from the proposed pilot operation to be deployed at the Aqua Metals Innovation Center. (3) the risk of licensees refusing or delaying adoption of the AquaRefining process as an alternative to smelting despite the perceived benefits of AquaRefining; (4) the risk that we may not be able to realize the economic benefits expected from any licenses we may enter into; (5) the risk that, if necessary, we may not be able to sell or otherwise access additional capital to TRIC facilities and equipment;Annual Report on Form 10-K filed at February 24, 2022. aqua metal Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes, and expressly disclaims, any obligation to update or revise such statements to reflect new circumstances or unforeseen events arising, except as required by law.
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2022 GlobeNewswire, Inc. Source press release