Johnson Controls International (JCI) and US lead-acid battery-recycling start-up Aqua Metals have agreed a one-year extension to an equipment supply agreement.
The two companies said last year they would collaborate on work that included converting existing lead smelters belonging to JCI and “certain strategic partners” to a lead recycling process utilising Aqua Metals’ AquaRefining technology.
However, following months of difficulties at Aqua Metals including production setbacks and a management shake-up, the two firms now say talks to finalise their collaboration will be concluded no later than 30 April 2019— and the deadline for entering into a joint development programme will be 30 June 2019.
The announcement followed Aqua Metals’ appointment of chief financial officer Selwyn Mould as interim CEO.
Mould, who succeeded co-founder Dr Stephen Clarke, said: “We appreciate Johnson Control’s flexibility in this matter. They continue to be an important strategic partner for Aqua Metals, lending their technical expertise in support of our mutual goals.”
Earlier this year, JCI fuelled speculation that it could be preparing to sell its Power Solutions division— essentially all of its lead-acid and lithium business— by announcing it would “explore strategic alternatives” for the unit.
