Aqua Metals, Inc., which is commercializing a non-polluting electrochemical lead recycling technology called AquaRefining™, today announced a $10 million loan from Green Bank in conjunction with a 90 percent loan guarantee from the U.S. Department of Agriculture (USDA) Rural Development Agency for the development of its first AquaRefinery. The loan will provide non-dilutive capital to finance the growth of Aqua Metals and enhance the development of the Company’s first AquaRefinery™ currently under construction in the Tahoe-Reno Industrial Center (TRIC) in Nevada. The Company intends to apply the proceeds to expand its lead recycling capacity. “Aqua Metals and the USDA’s Business and Industry Loan Guarantee program are a perfect match,” said Sarah Adler, Nevada State Director of USDA Rural Development. “Our credit enhancement tool is designed to lend the support needed to bring advanced technology businesses into America’s rural areas, creating jobs and 21st Century progress at the same time. The fact that Aqua Metals will make lead battery recycling a clean and safe process for workers and the surrounding communities is a double bonus. The USDA looks forward to supporting Aqua Metals’ growth and additional rural job creation with potential future loan guarantees as the company creates additional plants around the country.”
“Green Bank is pleased to be an integral part of this important project,” said Kevin Coffman, the Senior Vice President of Government Guaranteed Lending for Green Bank. “Working with Aqua Metals and the USDA gives us the chance to combine new technology, corporate responsibility and the strength of government-guaranteed lending to bring a new and important technology to the market.”
“Demand for our recycling capacity has been strong,” said Dr. Stephen R. Clarke, Chairman and CEO of Aqua Metals. “This USDA backed loan provides Aqua Metals a key piece of financing with which to expand our initial AquaRefinery. Specifically, we have been able to develop a plan to produce lead at 80 tonnes per day and then to expand to 160 tonnes per day by 2018. We are excited to be part of the USDA’s Rural Development Program to bring new and innovative technologies and jobs to the heart of America.” The loan terms are interest only for the first year, followed by 20 years of payments on principal and interest, fully amortizing. The interest rate is the Wall Street Journal Prime Rate Index plus two percent (adjusted every quarter), with a floor rate of six percent. The loan and loan guarantee were arranged by North Avenue Capital of Dallas, Texas.
For more information, visit www.aquametals.com.