Nevada-based Aqua Metals has taken a critical step toward launching its first commercial-scale lithium battery recycling operation. In a press release on May 15, the company said it signed a non-binding term sheet with "one of the world's largest privately held companies." The $33 million credit facility would complete phase one of the company's Sierra AquaRefining Campus (ARC).
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00:00Aqua Metals, NASDAQ AQMS, has signed a non-binding term sheet with one of the world's largest
00:08privately held companies for a secured credit facility of up to $33 million.
00:15The company intends to use the proceeds to fund the first phase of its Sierra Aqua refining
00:20campus in Nevada, aiming to establish North America's first sustainable lithium battery
00:26recycling plant.
00:28The funding combined with a recent $8 million equity raise will help convert a 20,000 square
00:35foot building into a facility capable of processing 3,000 tonnes of lithium battery materials
00:42per year.
00:44This phase is expected to yield critical minerals equivalent to 30,000 EV battery packs and
00:51significantly reduce waste and emissions using Aqua Metals' proprietary Aqua refining technology.
00:58The non-binding loan agreement, subject to due diligence and finalization, comes after
01:04a thorough review of Aqua Metals' financial health and technology by the lender, who remains
01:09anonymous until the deal is finalized.
01:13Aqua Metals plans to scale up production to over 10,000 tonnes annually, establishing
01:19a circular supply chain for critical minerals in the U.S.
01:24This initiative supports the company's commitment to innovation, sustainability, and combating
01:29climate change through its environmentally friendly recycling process.
01:33This agreement marks a significant milestone in securing the financial resources necessary
01:40to complete the Sierra arc, which is pivotal to our strategy of establishing a closed-loop
01:46supply chain for battery recycling, said Aqua Metals' CEO Steve Cotton.
01:53This partnership will not only support our financial stability, but also will reinforce
01:58our commitment to innovation and sustainability in the lithium battery recycling sector.