Aqua Metals, Inc. (NASDAQ: AQMS), a pioneer in sustainable lithium battery recycling, today announced that it has entered into a letter of intent with a leading Midwest metals recycler for the purchase of recovered copper and aluminum expected to be produced at Project Headwaters, the Company’s planned commercial-scale lithium-ion battery recycling facility in the Midwestern United States.
“Building upon the Company’s previously announced six-year lithium product offtake for the sale of lithium carbonate,” to quote this morning’s news release, “Aqua Metals has now established offtake pathways for all three primary Project Headwaters product streams - lithium carbonate, copper and aluminum - in advance of construction.”
Under the contemplated five-year agreement, the counterparty would purchase recovered copper and aluminum products from Project Headwaters, subject to product qualification and execution of a definitive agreement.
Based on projected production volumes and current commodity prices, the copper and aluminum covered by the LOI represent more than $105 million of projected value over the contemplated five-year term.
The LOI provides a 24-month period to negotiate and execute a definitive offtake agreement. Final product specifications will be based on representative copper and aluminum produced by the Project Headwaters preprocessing system, with product qualification and execution of the definitive agreement expected as the initial phase of the facility begins producing material.
AQMS shares were virtually unchanged at $2.31.
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