Aqua Metals, Inc. shared three significant updates: The comparative environmental figures indicate the superiority of Li AquaRefining at current scale vs. current Lithium-ion Battery recycling technologies regarding CO2 emissions and sodium sulfate waste streams. The on-schedule production of lead (Pb) at AQMS partner ACME Metal Enterprise in Taiwan using Pb AquaRefining. The near-term launch of the company's U.S.-based Li AquaRefining pilot plant currently on schedule to meet the company's goal of producing high purity metals in fourth quarter 2022.

Quantifying Success: AquaRefining's Environmental Superiority: Aqua Metals recently conducted and released an environmental comparison using competitor data derived from EverBatt, a closed-loop battery recycling cost and environmental impacts model from Argonne National Laboratory. The initial results indicate that AquaRefining has a cleaner approach to LiB recycling, producing far less CO2 waste streams than the two evaluated primary processes currently on the market: pyro-based (smelting) and other hydro recycling methods in development. Taiwan Pb AquaRefining Pilot Program: In September 2022, Aqua Metals delivered on its agreement with ACME Metal Enterprise to deploy AquaRefining technology at its facility in Keelung, Taiwan.

A successful commissioning of AquaRefining equipment and lead production followed in October. U.S.-based Li AquaRefining Pilot Plant Progress: Aqua Metals' fully integrated pilot system, located at the company's Innovation Center in the Tahoe-Reno Industrial Center in Nevada, is on schedule to meet the company's goal of producing high value minerals in fourth quarter 2022 and will host potential strategic partner visits in fourth quarter and into first quarter 2023. This puts AQMS on pace to reach its goal of becoming the first company in North America to recycle battery minerals from black mass and sell them in the U.S. and positions the company as the first LiB recycler in North America to align with the U.S. government's goal of retaining strategic battery minerals within the U.S. The Right Recycling Technology at the Right Time: It is predicted by the International Energy Agency that there will be approximately 140 million EVs globally by 2030, creating a massive demand for LiBs and the critical minerals used to make them.

In addition to higher costs, geopolitical risks, human rights abuses, and environmental issues associated with mining some of the metals used in lithium-ion batteries, mining alone cannot meet the demand of this exponentially growing market. Recycling the more than 15 million tons of LiBs that are expected to retire between now and 2030 needs to be done sustainably to meet the carbon reduction objectives that the U.S., EU governments and major corporations have set for themselves. Recycling also enables the retention of these strategic minerals within the U.S., helping to defend against the at-risk supply chain for lithium-ion battery manufacturing.