The head of US lead-acid battery recycling start-up Aqua Metals has admitted the firm is “significantly behind schedule” in its production plans.
Chairman and CEO Dr Stephen Clarke (pictured) said earlier this year that Aqua Metals, which wants to commercialise a water-based recycling process, was preparing for “explosive growth” in 2018.
UK researchers behind the development of a process that aims to “revolutionise” lead-acid battery recycling have been awarded a grant of EUR1.3 million ($1.5m) from the European Union.
The funding boost from the EU’s Horizon 2020 research and innovation programme has gone to UK-based Aurelius Environmental and Dr Vasant Kumar of the materials science and metallurgy department at the University of Cambridge.
US lead-acid recycling firm Aqua Metals has released two million shares of its common stock to the public— and raised $20 million in doing so.
The start-up is commercialising a non-polluting electrochemical lead recycling technology called AquaRefining™.
Stock began trading at $10 per share on November 16 and had gone up to $11.22 by the next day.
The firm intends to use the net proceeds from the offering to accelerate its AquaRefining™ product development and licensing efforts.
A 45-day option to purchase has also been granted to the underwriters by the company.
At the same price per share as the underwriters paid for the initial shares, an additional 300,000 shares to cover over-allotments in connection with the offering, which, if exercised in full, would increase the gross proceeds to $23 million.
The offering is expected to close on or about November 21, 2016, subject to customary closing conditions.
US start-up Aqua Metals has produced its first ultrapure lead ingots using its ‘revolutionary’ recycling method.
The company used its AquaRefining technology to produce the lead ingot at its plant on the Tahoe Reno Industrial Estate, Nevada.
Green lead-acid battery recycling start-up Aqua Metals has been granted tax incentives worth around $3.6 million by the State of Nevada.
Aqua Metals recently opened its AquaRefinery facility in the Tahoe-Reno Industrial Center in Nevada, where it’s commercialising a non-polluting electrochemical technology called AquaRefining™.
The tax breaks were granted because of the company ‘facilitating economic development’ and bringing more than 50 jobs to the state by 2017.
The Governor’s Board of Economic Development granted Aqua Metals the Real Property Tax Abatement for Recycling, the Sales and Use Tax Abatement, the Modified Business Tax Abatement and the Personal Property Tax Abatement.
“These incentives will substantially support our bottom line as we begin to ramp recycling production and generate revenue,” said Thomas Murphy, CFO of Aqua Metals.
“Part of our mission is to run a business that is both economically and environmentally sustainable, and Nevada’s pro-business policies are a big part of making that a reality.”
AquaRefining uses a fundamentally non-polluting, room temperature, closed-loop, water-based process to recycle lead-acid batteries.
The Company has deep strategic relationships with key industry partners, including Interstate Batteries, Battery Sysytems International and Wirtz Manufacturing.
Electrochemical lead recycling firm Aqua Metals was named the winner of the Rising Star category in the 2016 Platts Global Metals Awards program.
Aqua Metals was recognised for its AquaRefining process, the industry’s first commercially viable alternative lead-acid battery recycling technology.
The company was also named a finalist in the Industry Leadership Award – Base Metals category. All finalists and awardees were chosen from more than 100 nominees across 17 countries.
“It is an honor to earn the accolades of such a highly respected organization for our work to revolutionize the lead industry,” said Dr. Stephen Clarke (pictured), chairman and CEO of Aqua Metals.
“As we enter a ‘Battery Age,’ lead-acid technologies can experience continued market dominance with the development of a recycling method that is economically sustainable and environmentally responsible. This distinction affirms that Aqua Metals has developed just that.”
Aqua Metals also recently announced the signing of definitive agreements with Interstate Batteries. More here.