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Aqua Metals selects Tahoe-Reno for lithium battery recycling campus
The Fly

Aqua Metals selects Tahoe-Reno for lithium battery recycling campus

Aqua Metals announced the completion of due diligence on a property in Tahoe-Reno, as well as plans to commence phased development of a five-acre recycling campus designed to process more than 20 million pounds of lithium-ion battery material each year with its innovative Li AquaRefining technology. Nevada is the only U.S. state with companies across every facet of the lithium battery supply chain, and Aqua Metals is planning its state-of-the-art recycling campus in the Tahoe-Reno Industrial Center in the heart of the region’s growing battery ecosystem. Aqua Metals intends to design and develop the campus with the goal of sustainably recycling enough critical metals – like lithium hydroxide, nickel, copper, and cobalt – from spent lithium batteries to supply the raw materials for manufacturing 100,000 average EV battery packs every year. Aqua Metals has entered into a definitive agreement to acquire the five-acre site and expects to complete the purchase of the new campus, including an existing building, next month subject to customary closing conditions and Aqua Metals’ receipt of the necessary financing with which to finance the purchase. The Company’s initial plans call for upgrading the current building to install a commercial-scale Li AquaRefining system capable of recycling 3,000 tons of lithium battery ‘black mass’ each year. The Company expects to complete redevelopment of the current space and finalize equipment installation this year, and to commence operations at the new campus in the first quarter of 2024. Aqua Metals intends to fund the purchase of the new property with a non-dilutive loan and has entered into a non-binding letter of intent with a mortgage lender that Aqua Metals has worked with in the past to acquire the necessary financing for the property purchase. Aqua Metals also intends to finance the development of Phase One through a non-dilutive loan. The Company is currently in discussions with a provider of debt financing that has provided financing in the past.

Published first on TheFly

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