Aqua Metals Secures Tax Abatement for Sierra ARC Battery Recycling Campus, Expected to Boost Nevada’s Clean Energy Economy by $392 Million
30 Janeiro 2024 - 10:00AM
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
Aqua Metals Social Media
Aqua Metals has used, and intends to continue
using, its investor relations website (https://ir.aquametals.com),
in addition to its Twitter, Threads, LinkedIn and YouTube accounts
at https://twitter.com/AquaMetalsInc (@AquaMetalsInc),
https://www.threads.net/@aquametalsinc (@aquametalsinc),
https://www.linkedin.com/company/aqua-metals-limited and
https://www.youtube.com/@AquaMetals respectively, as means of
disclosing material non-public information and for complying with
its disclosure obligations under Regulation FD.
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. 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.
Contact Information
Investor RelationsBob Meyers & Rob FinkFNK
IR646-878-9204aqms@fnkir.com
MediaJennifer Johnson AvrilWarner
Communications917-982-9012jennifer@warnerpr.com
Source: Aqua Metals
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