US battery recycler Aqua Metals said South Korean storage solution and battery materials company Yulho is making a $5 million equity investment as part of a strategic partnership.
Aqua Metals will, as part of an agreement, grant Yulho a license to deploy its AquaRefining technology in South Korea in its own facilities.
Steve Cotton, President & CEO of Aqua Metals, said: “We believe our recently announced public equity raise, alongside our strategic financing and proposed partnership with Yulho, signifies a transformative moment for Aqua Metals.”
Through its subsidiary, Yulho Materials, Yulho collects and processes battery manufacturing scrap and spent lithium-ion batteries into black mass.
It is building a high-purity black mass facility with an annual capacity of 8,000 tonnes. Aqua Metals said it will be the largest in South Korea. Production is due to start later this year, with plans to expand to 24,000 tonnes’ capacity later.
Yulho’s CEO Jeong-Nam Lee said: “Given that each company excels in pre-processing and post-processing fields, we anticipate significant synergy resulting from this partnership.”
Aqua Metals also announced the pricing of a firm commitment underwritten offering. Total combined gross proceeds of two offerings are approximately $22 million.