Aqua Metals Receives Estimated $3.6 Million in Nevada Tax Incentives
ALAMEDA, Calif., Sept. 22, 2016 (GLOBE NEWSWIRE) -- Aqua Metals (NASDAQ:AQMS), which is commercializing a non-polluting electrochemical lead recycling technology called AquaRefining™, today announced that the State of Nevada granted the company key tax incentives worth an estimated $3.6 million as a result of facilitating economic development and bringing jobs to the state.
Aqua Metals recently opened its AquaRefinery™ – the first-ever clean lead recycling plant – in the Tahoe-Reno Industrial Center in Nevada. The Company expects the AquaRefinery will create over 50 jobs by the end of the year, with that number continuing to grow throughout 2017.
The Governor’s Board of Economic Development granted Aqua Metals the Real Property Tax Abatement for Recycling, the Sales and Use Tax Abatement, the Modified Business Tax Abatement and the Personal Property Tax Abatement.
“The State of Nevada provides an incredibly business-friendly environment. These incentives will substantially support our bottom line as we begin to ramp recycling production and generate revenue,” said Thomas Murphy, CFO of Aqua Metals. “The local Nevada officials have a great deal of experience in working with companies to build large facilities in the region, which helps to streamline processes – from the plant’s construction through business operations. Part of our mission is to run a business that is both economically and environmentally sustainable, and Nevada’s pro-business policies are a big part of making that a reality.”
AquaRefining utilizes a fundamentally non-polluting, room temperature, closed-loop, water-based process to recycle lead-acid batteries. The resulting lead is as pure as, or purer than, mined lead and is cost-competitive with lead from other lead recycling facilities. The Company has deep strategic relationships with key industry partners, including Interstate Batteries, Battery Systems International and Wirtz Manufacturing.
About Aqua Metals
Aqua Metals (NASDAQ:AQMS) is reinventing lead recycling with its patent-pending AquaRefiningTM technology. Unlike smelting, AquaRefining is a room temperature, water-based process that is fundamentally non-polluting. These modular systems are expected to allow the lead-acid battery industry to simultaneously improve environmental impact and scale production to meet rapidly growing demand. Aqua Metals is based in Alameda, California and built its first recycling facility in Nevada’s Tahoe-Reno Industrial Center. To learn more, please visit www.aquametals.com.
This press release contains forward-looking statements concerning Aqua Metals, Inc., the lead-acid battery recycling industry, the intended benefits of its agreements with Interstate Batteries, the future of lead-acid battery recycling via traditional smelters, the Company’s development of its commercial lead-acid battery recycling facilities and the quality, efficiency and profitability of Aqua Metals’ proposed lead-acid battery recycling operations. Those forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially. Among those factors are: (1) the fact that Company has not yet commenced revenue producing operations, thus subjecting the Company to all of the risks inherent in a pre-revenue start-up; (2) the uncertainties involved in any new commercial relationship and the risk that Aqua Metals will not receive the intended benefits of its agreements with Interstate Batteries; (3) risks related to Aqua Metals’ ability to raise sufficient capital, as and when needed, to develop and operate its recycling facilities; (4) changes in the federal, state and foreign laws regulating the recycling of lead-acid batteries; (5) the Company’s ability to protect its proprietary technology, trade secrets and know-how and (6) those other risks disclosed in the section “Risk Factors” included in the Quarterly Report on Form 10-Q filed with the SEC on August 10, 2016. Aqua Metals cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
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