Company Reports Milestone of First Commercial Revenues
ALAMEDA, Calif., July 25, 2017 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ:AQMS) (“Aqua Metals” or the “Company”), which is commercializing a non-polluting electrochemical lead recycling technology called AquaRefining™, has provided preliminary revenue results for its second quarter ended June 30, 2017. The Company expects total revenues for the second quarter of 2017 to be $603,000, which represents the commencement of commercial revenues.
“Moving into revenue generation is another significant milestone in the growth of Aqua Metals” said Dr. Stephen Clarke, Chairman and CEO of Aqua Metals. “What we have accomplished to-date is truly unprecedented and represents a level of progress not generally seen in advanced materials technologies. Having founded AquaMetals in 2014, we secured funding for and broke ground at our first AquaRefinery in 2015, obtained supply agreements, key permits, completed construction and started commissioning in 2016; and in the first half of 2017 we secured a commercial and licensing relationship with Johnson Controls, made our first acquisition, had our first patent issue and began revenue producing operations from the sale of lead compounds and plastics. I am excited about our progress and proud of our team and its achievements. We have worked hard to bring the front-end of our process into consistent operation and are now working to install the balance of our AquaRefining modules as we work towards our goal of achieving 120 metric tonnes per day of capacity by year end.”
Clarke, continued: “We are working to expand the reach and scope of our technology with additional facilities of our own, the commencement of equipment licensing and the expansion of our product offerings to include advanced materials and methods to advance the capabilities of lead acid batteries. We look forward to delivering sustainable, long-term results for our shareholders.”
About Aqua Metals
Aqua Metals, Inc. (NASDAQ:AQMS) is reinventing lead recycling with its patented and patent-pending AquaRefiningTM technology. Unlike smelting, AquaRefining is a room temperature, water-based process that is fundamentally non-polluting. These modular systems allow the Company to vastly reduce environmental impact and scale lead acid recycling production capacity both by building its own AquaRefineries and licensing the AquaRefining technology to partners. This meets 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 Alameda, California, 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., 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, efficiency and profitability 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 fact that the Company only recently commenced revenue producing operations, thus subjecting the Company to all of the risks inherent in a pre-revenue start-up; (2) risks related to Aqua Metals’ ability to raise sufficient capital, as and when needed, to develop and operate its recycling facilities; (3) changes in the federal, state and foreign laws regulating the recycling of lead acid batteries; (4) the Company’s ability to protect its proprietary technology, trade secrets and know-how and (5) those other risks disclosed in the section “Risk Factors” included in the Company’s Annual Report on Form 10-K filed on March 2, 2017. 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.
Aqua Metals, Inc.
Chief Financial Officer
MZ North America