Aqua Metals Updates Plan for Q4 16 module expansion and Completing Phase 2 of Capital Upgrade
16 Module Start-up Expected to Commence in December
MCCARRAN, Nev., Sept. 26, 2019 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS), which is reinventing lead recycling with its AquaRefining™ technology, is pleased to announce after extensive continuous 24/7 production utilizing the initial four modules, the Company has finalized engineering and process design and begun implementing final common configuration for all 16 modules in support of a planned commissioning and handover of operations throughout the latter half of Q4.
The Company will now focus its efforts on completing the installations for its Phase 2 capital upgrades, including the commissioning of the remaining 12 modules, which we believe will enable the plant to operate at a positive contribution margin once all plant processes are synchronized which is expected to occur in early 2020. To complete installation safely and on an expedited basis, certain current production areas will be paused from time to time during Q4 in order to conduct full scale run rate unit tests in critical process areas such as battery breaking, digestion and concentrate production. We believe these units tests will be critical to the successful preparation for 16 module production volumes.
“We are happy to report to shareholders that we are moving into the home stretch of our key Phase 2 capital upgrades,” said Steve Cotton, President and CEO of Aqua Metals. “These final installations will be conducted in an efficient and safe way, making it the quickest path to reaching full production with plant-wide positive contribution margin. This plan was formed in conjunction with and has the full support of our Operations, Maintenance and Management partner Veolia and supporting partner Brown & Root. We look forward to keeping our shareholders and stakeholders updated as progress continues. While these projects proceed, we continue to build the next phase of our business which is to license out our revolutionary technology.”
The Company will continue to provide additional operational updates as relevant data is available.
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 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 McCarran, NV, and has built its first recycling facility in Nevada’s Tahoe-Reno Industrial Complex. To learn more, please visit www.aquametals.com.
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 timeline for commissioning an additional 12 AquaRefining modules, the Company’s expectations for achieving positive contribution margins for its TRIC operations, 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 successfully commission the additional 12 AquaRefining modules by year-end, (2) the risk that the Company may not be able to achieve positive contribution margin for its AquaRefining operations, (3) the risk that the Company may not be able to scale the production of its AquaRefined lead or, if the Company is able to scale commercial operations, that such operations will be profitable, (4) 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, (5) the risk that the Company’s initial patents and any other patents that may be issued to it may be challenged, invalidated, or circumvented, (6) 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; (7) changes in the federal, state and foreign laws regulating the recycling of lead acid batteries; (8) the Company’s ability to protect its proprietary technology, trade secrets and know-how and (9) those other risks disclosed in the section “Risk Factors” included in the Company’s Quarterly Report on Form 10-Q filed on July 31, 2019. 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 Ltd.
905 326 1888 Ext 1
Released September 26, 2019