Aqua Metals Secures Tax Abatement for Sierra ARC Battery Recycling Campus, Expected to Boost Nevada’s Clean Energy Economy by $392 Million
RENO, Nev., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS), a pioneer in sustainable lithium-ion battery recycling, today announced the receipt of an economic incentive package of approximately $2.2 million from the Nevada Governor’s Office of Economic Development (GOED) which will assist the Company in its Nevada expansion. Pursuant to the terms of the abatement, this impactful support encompasses partial tax relief over a ten-year period towards approximately $17 million worth of equipment and $18 million worth of building and land improvements planned for the first phase of the Company’s Sierra AquaRefining™ Campus (ARC).
According to GOED, the total economic impact of Aqua Metals investments and job creation to the state of Nevada is projected to total more than $392 million over the next 10 years defined as benefits the Company and its operations will have on the community and state economy measured by total number of jobs, payroll and created output. The investments are also projected to generate approximately $4.6 million of direct and indirect net new tax revenues for the state.
“We are immensely grateful for the programs from the State of Nevada via the Governor’s Office of Economic Development that support new and expanding companies and appreciate the strong affirmation of our innovative approach to sustainable recycling,” said Steve Cotton, President and Chief Executive Officer of Aqua Metals. “This economic incentive will bolster our efforts at the Sierra ARC, further enabling us to continue creating good-paying jobs and contribute even more significantly to Nevada's growing clean energy sector.”
Aqua Metals has made significant strides in advancing its Sierra ARC project, having initiated the construction and upfitting of its five-acre clean metals recycling campus in 2023. The focus on Phase One of the Sierra ARC project is bolstered by the tax abatement aimed at accelerating the facility's development. Recent progress at the campus includes the completion of cement pouring for new flooring, the installation of steel framework for the internal superstructure, and upgrades to electrical and mechanical systems in the building in preparation for equipment installation. This progress paves the way for black mass to be introduced into the Company’s proprietary AquaRefining™ system in the first half of 2024, with Phase One of the commercial-scale recycling facility on track, subject to additional financing, to reach full production capacity of 3,000 tonnes per year in 2025. The Company is currently operating its successful Li AquaRefining pilot facility 24x5.
Aqua Metals was supported in completing the application process by the Economic Development Authority of Western Nevada (EDAWN).
“The approval to move forward with the project in the Tahoe Reno Industrial Center is a significant win for Nevada, helping propel it to the forefront in the race to secure major clean energy projects of international significance,” stated Nancy McCormick, senior vice president of business retention, expansion, and workforce development for EDAWN. “Aqua Metals’ vision for the sustainable recycling of critical battery minerals aligns perfectly with Nevada’s aspirations, creating an unparalleled opportunity for the state to expand and solidify its leadership in the emerging global lithium battery economy.”
The economic and environmental benefits of this development are significant. The tax abatement will be instrumental in creating a range of good-paying jobs, offering opportunities across various skill levels, and driving economic growth in Nevada. Furthermore, Aqua Metals is committed to being a responsible corporate neighbor. Its innovative approach to recycling not only sets the highest standard in low emissions, but also ensures zero wastewater production and elimination of 99% of landfill waste associated with traditional recycling methods. This commitment underscores Aqua Metals’ dedication to environmental sustainability and its role in building a thriving local community.
Learn more about the Sierra ARC: https://www.aquametals.com/sierra-arc-campus/
About Aqua Metals
Aqua Metals, Inc. (NASDAQ: AQMS) is reinventing metals recycling with its patented AquaRefining™ technology. The Company is pioneering a sustainable recycling solution for materials strategic to energy storage and electric vehicle manufacturing supply chains. AquaRefining™ is a low-emissions, closed-loop recycling technology that replaces polluting furnaces and hazardous chemicals with electricity-powered electroplating to recover valuable metals and materials from spent batteries with higher purity, lower emissions, and minimal waste. Aqua Metals is based in Reno, NV and operates the first sustainable lithium battery recycling facility at the Company’s Innovation Center in the Tahoe-Reno Industrial Center.
To learn more, please visit www.aquametals.com
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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 the 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 our pilot and commercial-scale recycling plants, our ability to recycle lithium-ion batteries and the expected benefits of recycling lithium-ion batteries. Those forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially. Those risks disclosed in the section "Risk Factors" are included in our Quarterly Report on Form 10-Q filed on November 8, 2023. 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.
Bob Meyers & Rob Fink
Jennifer Johnson Avril
Source: Aqua Metals
Released January 30, 2024