Aqua Metals Joins $4.99 Million DOE Grant Project to Pioneer Domestic Critical Mineral Supply Chain
RENO, Nev., May 10, 2024 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ:AQMS), a pioneer in sustainable lithium-ion battery recycling technology, is proud to announce its collaboration in a significant U.S. Department of Energy (DOE) grant project. As part of a consortium led by Pennsylvania State University, Aqua Metals will play a crucial role in the $4.99 million initiative aimed at establishing a fully domestic supply chain for critical minerals essential for modern technologies, from electric vehicles to renewable energy systems.
The DOE-funded project, titled the Alliance for Critical Mineral Extraction and Production from Coal-Based Resources for Vitality Enhancement in Domestic Supply Chains (ACME-REVIVE), seeks to innovate in the extraction and recovery of rare earth elements and other critical materials from coal, coal wastes, and coal by-products. This initiative aligns with national goals to reduce reliance on foreign critical minerals, which are vital for U.S. economic security and technological leadership.
Aqua Metals is set to assist in producing battery-grade cobalt, manganese, nickel, and lithium generated from Penn State's pilot-scale facility, which focuses on leveraging domestic coal-based acid mine drainage. This aligns with Aqua Metals' mission to foster a sustainable and secure critical mineral supply chain while contributing to environmental remediation efforts.
Project Impact and Vision
This collaboration not only underscores Aqua Metals' innovative capabilities in critical mineral technologies but also enhances the Company's involvement in national efforts to innovate within the battery recycling sector. This strategic initiative will also further demonstrate the ability of Aqua Metals' patented AquaRefiningTM technology to adapt to a wide array of feedstocks when sustainably producing critical minerals – including both recycling battery materials and refining virgin metals from ore and waste.
"Our participation in the ACME-REVIVE project exemplifies our commitment to sustainability and innovation," said Steve Cotton, President and CEO of Aqua Metals. "By converting waste into valuable resources, we are paving the way for a more sustainable and secure future for critical mineral supply in the U.S."
The project aims to remediate environmental damage caused by acid mine drainage while extracting valuable minerals. This approach cleans up legacy environmental issues and also reduces the need for new mining operations, building a circular economy.
A Sustainable Future for Critical Minerals
The ACME-REVIVE project is a testament to the potential of collaborative innovation in addressing critical challenges at the intersection of environmental science and material engineering. By focusing on sustainable extraction methods and contributing to the domestic production of essential minerals, Aqua Metals and its partners are setting new standards for the industry.
"As we move forward, our work with Penn State and other industry leaders will showcase the viability of sourcing critical minerals from alternative and sustainable sources," added Cotton. "This project will help position the United States as a leader in the clean energy transition and support the nation's efforts to build a resilient and independent supply chain."
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.
Aqua Metals Social Media
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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", "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. Among those factors are: (1) the risk that we may not be able to successfully negotiate and conclude a definitive license agreement with Yulho or a definitive pilot facility agreement with 6K, (2) even if we are to conclude a definitive agreements with Yulho and 6K, the risk that we may not achieve the expected benefits from such relationships; (3) the risk that we may not be able to acquire the funding necessary to develop our recently acquired five-acre campus; (4) the risk that we may not be able to develop the recycling facility on the five-acre campus within the expected time or at all; (5) even if we are able to develop the recycling facility, the risk that we may not realize the expected benefits; (6) the risk that potential licensees may refuse or be slow to adopt our AquaRefining process as an alternative in spite of the perceived benefits of AquaRefining; (7) the risk that we may not realize the expected economic benefits from any licenses we may enter into; and (8) those risks disclosed in the section "Risk Factors" are included in our Annual Report on Form 10-K filed on March 27, 2024. 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 Information
Investor Relations
Bob Meyers & Rob Fink
FNK IR
646-878-9204
[email protected]
Media
Matt Roberts
Aqua Metals
775-446-7245
[email protected]
Source: Aqua Metals
