Aqua Metals Joins $4.99 Million DOE Grant Project to Pioneer Domestic Critical Mineral Supply Chain

RENO, Nev., May 10, 2024 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS), a pioneer in sustainable lithium-ion battery recycling technology, is proud to announce its collaboration in a significant U.S. Department of Energy (DOE) grant project. As part of a consortium led by Pennsylvania State University, Aqua Metals will play a crucial role in the $4.99 million initiative aimed at establishing a fully domestic supply chain for critical minerals essential for modern technologies, from electric vehicles to renewable energy systems.

The DOE-funded project, titled the Alliance for Critical Mineral Extraction and Production from Coal-Based Resources for Vitality Enhancement in Domestic Supply Chains (ACME-REVIVE), seeks to innovate in the extraction and recovery of rare earth elements and other critical materials from coal, coal wastes, and coal by-products. This initiative aligns with national goals to reduce reliance on foreign critical minerals, which are vital for U.S. economic security and technological leadership.

Aqua Metals is set to assist in producing battery-grade cobalt, manganese, nickel, and lithium generated from Penn State's pilot-scale facility, which focuses on leveraging domestic coal-based acid mine drainage. This aligns with Aqua Metals’ mission to foster a sustainable and secure critical mineral supply chain while contributing to environmental remediation efforts.

Project Impact and Vision
This collaboration not only underscores Aqua Metals’ innovative capabilities in critical mineral technologies but also enhances the Company’s involvement in national efforts to innovate within the battery recycling sector. This strategic initiative will also further demonstrate the ability of Aqua Metals’ patented AquaRefining^TM technology to adapt to a wide array of feedstocks when sustainably producing critical minerals – including both recycling battery materials and refining virgin metals from ore and waste.

"Our participation in the ACME-REVIVE project exemplifies our commitment to sustainability and innovation," said Steve Cotton, President and CEO of Aqua Metals. "By converting waste into valuable resources, we are paving the way for a more sustainable and secure future for critical mineral supply in the U.S."

The project aims to remediate environmental damage caused by acid mine drainage while extracting valuable minerals. This approach cleans up legacy environmental issues and also reduces the need for new mining operations, building a circular economy.