Aqua Metals Executes $33 Million Non-Binding Loan Term Sheet with One of The World’s Largest Privately Held Companies
15 Maio 2024 - 10:00AM
Aqua Metals, Inc. (NASDAQ: AQMS), a pioneer in sustainable
lithium-ion battery recycling, today announced the signing of a
non-binding term sheet with one of the world’s largest privately
held companies for a secured credit facility of up to $33 million.
This proposed strategic financial collaboration is intended to
provide financing for the completion of the Phase One development
of the Sierra AquaRefining Campus (ARC).
Simultaneous to this development, Aqua Metals
announced its pricing of an equity raise of $7 million, before
commissions, discounts and expenses, to support ongoing operations
and strengthen Aqua Metals’ balance sheet, which was an important
pre-condition for the strategic lender. The equity financing is
expected to close on Friday, May 17, 2024.
Strategic Financial
CollaborationThe term sheet is non-binding, except for
certain confidentiality and break-up provisions, and contemplates a
closing by June 30, 2024, subject to the lenders’ continuing due
diligence and the parties’ negotiation and execution of definitive
agreements.
Aqua Metals will strengthen its financial
position through this strategic relationship with one of the
world’s largest privately held companies, which is investing
heavily in a global portfolio of decarbonization technologies. An
extensive two-month review by the lender thoroughly examined the
company’s financial health, ability to generate revenue and service
the debt, strategic partnerships, and innovative supply and
off-take agreements. In advance of this engagement, Aqua Metals
also recently completed an independent engineering report and
lifecycle analysis, conducted by ICF International, which validated
the Company’s groundbreaking technology and its substantial
reductions in waste and greenhouse gas emissions. This strategic
financial partnership will bolster Aqua Metals’ capacity to advance
its sustainable lithium battery recycling operations. The lender
required its name to be withheld until the definitive loan
agreement is executed.
Focus on Sustainability and Economic
ImpactThe funding is intended to cover existing and future
capital costs and facilitate the completion of Phase One of the
Sierra ARC, which will consist of a commercial scale lithium-ion
battery recycling facility capable of processing 3,000 tons per
year of black mass feedstock material recovered from pre-processed
lithium-ion batteries. The expected critical mineral output of the
first phase of the Sierra ARC (lithium carbonate, nickel, cobalt
and other metals) is equivalent to about 30,000 average sized EV
battery packs. The completion of Phase One of the Sierra ARC is
crucial for scaling up the production of sustainably recycled
battery materials and building a circular supply chain for critical
minerals essential to the United States’ rapidly growing battery
manufacturing capacity.
“This agreement marks a significant milestone in
securing the financial resources necessary to complete the Sierra
ARC, which is pivotal to our strategy of establishing a closed-loop
supply chain for battery recycling,” said Steve Cotton, CEO of Aqua
Metals. “This partnership will not only support our financial
stability but also will reinforce our commitment to innovation and
sustainability in the lithium battery recycling sector.”
Building a Sustainable
FutureThe investment will enable Aqua Metals to enhance
its operational capacity and further develop its patented
AquaRefining technology, which has set new standards for
performance and environmental responsibility in the battery
recycling industry. Unlike traditional recycling methods,
AquaRefining uses an electrified process that vastly reduces
production of CO2 greenhouse gases and entirely eliminates sodium
sulfate waste streams, aligning with global sustainability
goals.
“By finalizing this term sheet and moving
towards a comprehensive financing agreement, we are positioning
Aqua Metals to meet the growing demand for recycled battery
materials,” added Cotton. “This strategic funding will support our
continued growth and our commitment to providing a sustainable,
low-cost supply of critical minerals.”
About Aqua MetalsAqua 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 MediaAqua
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 HarborThis 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 completing and
funding the proposed $33 million credit facility, our expectations
for closing the $7 million equity financing, our expectations for
completing the Phase One of our Sierra AquaRefining Campus, 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 include (i) the risk that we may not be able to close
the proposed secured credit facility on terms favorable to Aqua
Metals or at all, (ii) the risk that we may not close on our $7
million equity financing, (iii) the risk that we may not be able to
complete the Phase One of our Sierra AquaRefining Campus or, if we
do, that we will not obtain the expected benefits of the
development, (iv) the risk that we will not be able to receive
additional capital with which to continue our present level of
operations and completion of the Sierra AquaRefining Campus as and
when needed, and (v) those other risks disclosed in the section
"Risk Factors" and are included in our Annual Report on Form 10-K
filed on March 28, 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 RelationsBob Meyers & Rob FinkFNK
IR646-878-9204aqms@fnkir.com
MediaMatt RobertsAqua
Metals775-446-7245matt.roberts@aquametals.com
Source: Aqua Metals
Aqua Metals (NASDAQ:AQMS)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Aqua Metals (NASDAQ:AQMS)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024