US lead-acid battery recycler Aqua Metals, which posted a first-quarter net loss of US$11.7 million, said it intends to offer and sell shares of its common stock in an underwritten public offering.
The loss reflected several non-cash items, including expenses related to the firm’s agreement with the US arm of France’s transnational Veolia group to operate and manage its AquaRefining plant in Nevada.
The company said it had slowed production during the quarter “to reduce cash burn and safely focus on the implementation of plant improvements and enhancement of process efficiencies” prior to ramping operations.
Aqua Metals plans to use cash raised from the proposed offering for working capital, which could include expanding production activities in Nevada.
President and CEO Steve Cotton said the company remained “laser-focused” on boosting supplies of ultra-pure lead to battery manufacturers and promoting partnerships to expand AquaRefining globally.
Cotton said the company was still on track to have 16 AquaRefining modules in operation by the end of 2019.
“While we have put in place the equipment and processes to scale production, electrolyte recovery remains critical to enhancing our contribution margin and allowing us to scale further,” Cotton said.
