RENO, Nev. - Aqua Metals, Inc. (NASDAQ: NASDAQ:AQMS), a company specializing in sustainable lithium-ion battery recycling technology, has announced its participation in a U.S. Department of Energy (DOE) grant project. Partnering with Pennsylvania State University and other members of a consortium, the company is set to contribute to a $4.99 million initiative focused on creating a domestic supply chain for critical minerals.
The DOE-funded project, known as the Alliance for Critical Mineral Extraction and Production from Coal-Based Resources for Vitality Enhancement in Domestic Supply Chains (ACME-REVIVE), aims to extract rare earth elements and other critical materials from coal, coal wastes, and coal by-products.
This effort supports the national goal of reducing the United States' reliance on foreign sources of critical minerals, which are essential for economic security and technological leadership.
Aqua Metals is expected to assist in producing battery-grade cobalt, manganese, nickel, and lithium from Penn State's pilot-scale facility, which is centered on utilizing domestic coal-based acid mine drainage. This collaboration is in line with Aqua Metals' mission to promote a sustainable and secure critical mineral supply chain and to contribute to environmental remediation.
The project's vision includes remediating environmental damage from acid mine drainage and reducing the need for new mining operations by creating a circular economy.
Steve Cotton, President and CEO of Aqua Metals, stated, "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 initiative is expected to showcase Aqua Metals' patented AquaRefining™ technology's versatility in adapting to various feedstocks for sustainable critical mineral production. The technology is known for its low-emissions and closed-loop process, which utilizes electroplating powered by electricity to recover valuable metals from spent batteries.
The ACME-REVIVE project represents a significant step toward collaborative innovation in environmental science and material engineering. It highlights the potential for alternative and sustainable sources for critical minerals, positioning the United States as a leader in the clean energy transition and reinforcing the nation's efforts to build a resilient and independent supply chain.
Aqua Metals, based in Reno, NV, operates the first sustainable lithium battery recycling facility at the Company's Innovation Center in the Tahoe-Reno Industrial Center.
This article is based on a press release statement from Aqua Metals.
InvestingPro Insights
In the wake of Aqua Metals' involvement in the DOE grant project, the financial metrics and analyst expectations provide a nuanced view of the company's market position. According to InvestingPro data, Aqua Metals holds a market capitalization of 51.35 million USD, reflecting the size of the company within the industry. Despite a staggering 525.0% revenue growth in the last twelve months as of Q4 2023, the company's gross profit margin stands at -25028.0%, indicating significant costs relative to its revenues.
InvestingPro Tips suggest that while Aqua Metals is seen as a niche player in the sustainable battery recycling industry, it is not expected to be profitable this year. Analysts are, however, anticipating sales growth in the current year, which aligns with the company's involvement in critical mineral extraction projects and technological advancements. It's also worth noting that Aqua Metals has more cash than debt on its balance sheet, which may provide some financial flexibility in pursuing its strategic goals.
For investors considering Aqua Metals as a potential addition to their portfolio, it's important to recognize that the stock has experienced high price volatility and has seen a significant price drop over the last year. Yet, the company's liquid assets exceed its short-term obligations, suggesting a degree of financial stability in the near term. Those interested in a deeper dive into Aqua Metals' financial health and future prospects can find additional InvestingPro Tips at https://www.investing.com/pro/AQMS, with the opportunity to use coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription. In total, there are 16 additional InvestingPro Tips available that can offer further insights into Aqua Metals' performance and potential.
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