Aqua Metals Inc (NASDAQ:AQMS) said it had made significant operational progress at its pilot facility in Nevada to advance its proprietary Li AquaRefining process.
The company recently completed a multi-week continuous operation campaign at its Reno-area pilot facility, demonstrating high recovery rates and the production of battery-grade critical minerals.
Key achievements from the month of December include achieving over 99% recovery rates for lithium, cobalt, and nickel from black mass using the company’s proprietary leaching process, which incorporates 100% recycled solvent to reduce costs and eliminate waste.
The campaign produced over 600 pounds of battery-grade lithium carbonate, with nickel and cobalt reaching purity levels of over 96.5% and 99%, respectively, and the Sierra ARC facility designed to maintain consistent battery-grade output.
Advanced process controls improved throughput and efficiency, demonstrating the scalability of the technology, while the pilot facility sustained continuous operations for three weeks with over 90% uptime.
“This campaign is a testament to Aqua Metals’ potential to revolutionize sustainable lithium battery recycling,” said CEO Steve Cotton.
“We have repeatedly proven our ability to recover critical battery metals sustainably, efficiently, and in a very scalable manner, at a quality that meets the needs of global battery manufacturers.”
Aqua Metals also secured a $1.5 million bridge loan to support operations as it works to finalize long-term financing. Over half of the funding came from management and board members, the company noted.
The loan provides the company with the capital needed to continue due diligence and pursue commercial agreements. Aqua Metals anticipates securing long-term financing in the first quarter of 2025, enabling the construction of its commercial Sierra ARC facility.
“We view this bridge loan as a necessary strategic step to maintain momentum while advancing critical commercial agreements and securing funding,” added Cotton.
Aqua Metals plans to expand its production of sustainably recycled critical minerals to meet the growing demand for electric vehicles and clean energy technologies.