Aqua Metals and Yulho Form Strategic Partnership, Companies Plan to Deploy Sustainable Lithium Battery Recycling in South Korea

Yulho investing $5 million to accelerate Aqua Metals in the US, licensing low-carbon battery recycling technology for expansion in Asia and the EU

RENO, Nev., July 19, 2023 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals” or the “Company”), a pioneer in sustainable lithium-ion battery recycling, today announced it has entered into a strategic partnership with Yulho Co., Ltd. (“Yulho”), an innovative storage solution and battery materials company based in South Korea. By aligning global partnerships and shared expertise, Aqua Metals and Yulho aim to drive innovation in lithium battery recycling and set a new standard for a low-carbon, circular supply of the critical minerals that power an electrified future.

Initiating the partnership, Yulho will make a strategic equity investment of $5 million in Aqua Metals, underscoring Yulho's confidence in Aqua Metals' transformative technology and demonstrated results at its pilot-scale facility. The parties have entered into a securities purchase agreement and expect to close on the investment on or about August 4, 2023. In addition to the capital investment, the companies have entered into an agreement to negotiate and execute a definitive license agreement whereby Aqua Metals will grant Yulho a license to deploy Aqua Metals’ patented AquaRefining technology in South Korea in its own facilities.

“We believe our recently announced public equity raise, alongside our strategic financing and proposed partnership with Yulho, signifies a transformative moment for Aqua Metals,” said Steve Cotton, President & CEO, Aqua Metals. “We expect this to be a pivotal step in our long-term vision for global growth, accelerating our commercial operations here in the United States, and bringing our AquaRefining technology to South Korea, a region of technological leadership and one of the largest markets for critical minerals, to address the increasing demand for sustainable battery materials in Asia.”

This strategic partnership is intended to capitalize on the respective strengths of Aqua Metals and Yulho. With 25 years of experience in South Korea’s advanced technology sector, Yulho possesses the expertise and established relationships with the country’s largest lithium battery and electric vehicle companies to rapidly scale operations to meet the growing demand for recycled materials in Asia. Through its subsidiary, Yulho Materials, the company collects and processes battery manufacturing scrap and spent lithium-ion batteries into hard-to-acquire ‘black mass’ -- the mixture of lithium, nickel, cobalt, and other valuable battery materials that Aqua Metals recovers.