Aqua Metals Intends To Bolster Balance Sheet with $6 Million Interim Loan from Alpen Mortgage

Secured Loan Expected to Enhance Cash Position and Support Near-Term Growth Initiatives and Paves Path to Revenue

RENO, Nev., Sept. 01, 2022 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS) (“Aqua Metals" or the “Company”), which is reinventing metals recycling with its AquaRefining technology, today announced that the Company has signed a non-binding agreement with Alpen Mortgage, Northern Nevada’s Premier Private Lender, for a $6 million loan secured by the Company’s AquaRefinery building. The loan, which is expected to close and fund in late September, is expected to provide a non-dilutive path to expand the Company’s cash position and ensure sufficient resources to reach revenue generation.

“This transaction is expected to provide additional liquidity, giving us a clear pathway and sufficient resources to advance our economically and environmentally superior lithium-ion battery recycling process from our successful bench scale operations program to our pilot scale plant and ultimately revenue generation beginning later this year,” commented Steve Cotton, President and Chief Executive Officer of Aqua Metals. “We are on track to have our Innovation Center’s pilot scale plant commissioned in the coming weeks and expect to be fully operational by mid-November. We believe we will be the only company to demonstrate recovery of strategic battery minerals derived from lithium-ion batteries solely within the United States and with 100% renewable energy and a clear path to Net-zero emissions and carbon neutral.”

“Alpen Mortgage prides itself on developing mutually beneficial structures to facilitate the business of our customers in Northern Nevada, and this transaction achieves exactly that,” commented Max Haynes, Director of Private Lending at Alpen Mortgage.

Additional details regarding the loan will be included on a Form 8-K, to be filed with the Securities and Exchange Commission after closing.

About Aqua Metals
Aqua Metals, Inc. (NASDAQ: AQMS) is reinventing metals recycling with its patented hydrometallurgical AquaRefining technology. Unlike smelting, AquaRefining is a room temperature, water-based process that emits less pollution. The modular Aqualyzers cleanly generate ultra-pure metal one atom at a time, closing the sustainability loop for the rapidly growing energy storage economy. The Company’s offerings include equipment supply, services, and licensing of the AquaRefining technology to recyclers across the globe. Aqua Metals is based in Reno, Nevada. To learn more, please visit www.aquametals.com.