Summary of Aqua Metals, Inc.

Business Overview

• Core Technology:
  Aqua Metals specializes in developing and commercializing a patented and patent-pending recycling process called AquaRefining™. This process is designed to recover valuable metals from spent batteries in an environmentally friendly, low-emission, water-based, closed-loop system.

• Recycling Processes:

  • Lead-Acid Battery (LAB) Recycling:
    • Built the first integrated smelterless recycling system for lead and plastics, producing AquaRefined lead ingots.
    • Operated this facility from 2017 to 2019, producing over 35,000 ingots at commercial levels in 2019.
  • Lithium-Ion Battery (LiB) Recycling:
    • Entered LiB recycling market in Feb 2021 via provisional patents.
    • Established an Innovation Center in TRIC in August 2021 for R&D.
    • Built a pilot system in 2022 capable of processing black mass to recover copper, lithium hydroxide/carbonate, nickel, cobalt, manganese dioxide.
    • Completed equipment installation and began operation of a LiB recycling facility in Dec 2022.
    • Recovered metals from lithium batteries in January 2023 using patent-pending Li AquaRefining technology.

Technology and Market Position

• Unique Approach:

  • Water-based, low-emission, electro-hydrometallurgical process replacing traditional high-temperature smelting or chemical processes.
  • Capable of producing high-purity metals including Lithium Hydroxide, Lithium Carbonate, Cobalt, Nickel, Manganese Dioxide, and Copper.
  • Modular "Aqualyzers" allow scalable manufacturing and flexible capacity.

• Environmental Advantage:

  • Produces significantly less CO2 waste streams compared to smelting or hydrometallurgical alternatives, as validated by Argonne National Laboratory’s EverBatt modeling.

• Market Focus:

  • Battery Manufacturing Supply Chain:
    • Recover critical minerals used in EV batteries and Storage systems.
    • Produce battery-grade materials that can be sold directly into the US and global markets.
  • Metals Markets:
    • The recovered metals can be sold as raw materials or alloys traded on global exchanges.
    • Metals include lithium, cobalt, nickel, copper, manganese, and lead.

• Market Drivers:

  • Growing demand for EVs, energy storage, and renewable energy infrastructure.
  • Anticipated lithium-ion battery market growth from 700 GWh in 2022 to 4.7 TWh by 2030.
  • Increased focus on domestic and sustainable mineral supply chains in North America, Europe, and Asia.

Development and Operations

• Facilities:

  • A demonstration Innovation Center in McCarran, NV.
  • A planned 5-acre lithium-ion battery recycling campus in the Tahoe-Reno Industrial Center (TRIC), Nevada, designed to process over 7,000 MT/year of battery materials at full scale.

• Progress:

  • Completed a multi-week continuous operation campaign at the pilot facility in late 2024.
  • Made significant construction progress on the first phase of the TRIC campus in 2024, pending additional funding.

Financials and Employees

• Employees:

  • 11 full-time employees as of the date of the report.

• Revenue (2024):

  • No significant revenue from commercial battery recycling operations.
  • In 2023, nominal revenue of $25,000 from sale of lead compounds from the previous lead-acid recycling facility.

• Income (2024):

  • Net loss of $24.6 million for 2024, primarily due to operational expenses, impairment charges, and ongoing R&D costs.
  • In 2023, net loss of $23.9 million.

• Funding and Capital:

  • Has raised funds through stock offerings, private placements, and debt.
  • As of December 31, 2024, cash reserves were approximately $4.1 million with a working capital deficit and an ongoing need for additional capital.

Strategic Focus

• Developing and scaling lithium-ion battery recycling technology.
• Seeking additional funding via equity and debt to complete the TRIC campus and commercialize operations.
• Licensing the AquaRefining technology, developing partnerships, and joint ventures to expand market reach.

Summary

• What the Company Does:
  Aqua Metals is a clean, environmentally friendly metal recycling technology provider focused on recovering critical metals from lithium-ion and lead-acid batteries, with a strong emphasis on reducing emissions and producing ultra-high purity metals suitable for battery manufacturing and other high-value applications.
• Current Status:
  • No significant revenue from commercial operations yet; still in development and scale-up phase.
  • Built pilot and demonstration facilities; progress on large-scale recycling campus underway.
  • Focused on innovation, environmental sustainability, and expanding capacity through funding and partnerships.