Aqua Metals, Inc., Nevada, United States, (NASDAQ: AQMS), which is reinventing lead recycling with its AquaRefining™ technology, announced it has completed its V1.25L electrolyzer program on time and under budget, achieving lead production that is 100% greater compared to the V1.0 electrolyzer deployed at the AquaRefinery during commercial production in 2018 and 2019. The Company previously guided a 20% increase of throughput, yet the V.125L electrolyzer surpassed that guidance by 500%. The V1.25L program concluded with a multi-day 24/7 endurance run that ended on December 24th.
These results should positively impact capital and operating expenses for our future equipment supply and licensee customers. The doubling of throughput results in a 50% reduction in the number of electrolyzers needed for equivalent lead production. V1.25L also has a lower build cost and reduced assembly time compared to the V1.0 electrolyzer, which correlates to a 50% decrease in capital expenditures for Aqua Metals equipment installations. In addition, electrolyzer operating expenses have been reduced by greater than 60% compared to the V1.0 electrolyzer, with the combined impact of improvements in automation and increased throughput. The current design has a single button start and stop functionality with no manual interaction required during operation, along with automated maintenance capability. The 60% reduction in operating expenses and 50% reduction in capital expenditures greatly exceeds the targets that were set in early 2020.
“We are very pleased with the results of the V1.25L program which was completed on schedule and under budget,” said Steve Cotton, President and CEO of Aqua Metals. “The results give us the ability to communicate a greater value proposition to future customers and should positively impact our economics of equipment supply and licensing agreements. We chose to focus our 2020 efforts on product improvement in support of accelerating our strategic shift to an equipment plus services supplier and a licensor of our technology. We believe the improvements realized with V1.25L position us quite well as product ready in the ongoing discussions we’ve been having with recyclers all over the globe.”
“I am extremely proud of the Aqua Metals team,” Cotton added. “Our dedicated staff has performed beyond expectations. The economic improvements to AquaRefining that we achieved strengthens our position tremendously to help the lead battery industry go greener and safer. Cleaner recycling makes lead batteries a truly sustainable solution for an energy storage market that is becoming an increasingly critical part of the fast-developing sustainable energy-based economy.”
About Aqua Metals
Aqua Metals, Inc. (NASDAQ: AQMS) is reinventing lead recycling with its patented AquaRefining™ technology. Unlike smelting, AquaRefining is a room temperature, water-based process that emits less pollution. The modular systems are intended to allow the Company to vastly reduce environmental impact and scale lead acid battery recycling production capacity by supplying equipment, services and licensing the AquaRefining technology to partners. This could help meet the growing demand for lead to power new applications including stop/start automobile batteries which complement the vehicle’s main battery, lead acid batteries which are in electric vehicles, Internet data centers, alternative energy applications including solar, wind, and grid scale storage. Aqua Metals is based in McCarran, Nevada.