Aqua Metals, a Nasdaq-listed metal recycler, announced the completion of due diligence on a five-acre property in Tahoe-Reno, and the signing of a definitive agreement to acquire the property, to commence phased development of a commercial lithium battery recycling campus, with the capacity to process over 20 million lbs of lithium-ion battery material annually.

The agreement includes the purchase of the five-acre site and an existing building in February 2023, subject to customary closing conditions and the company’s receipt of adequate financing for the purchase.

Aqua Metals aims to fund the purchase and the development of phase one with a non-dilutive loan.  The company plans to upgrade the current building to install a commercial-scale Li AquaRefining system capable of recycling 3,000 metric tons of lithium battery “black mass” per year, set to be operational in Q1 2024.

Subject to the success of phase one, the company plans to build a second lithium battery recycling facility at the property with the capacity to process an additional 6,000 tons of lithium black mass per year, along with a space for research and development into sustainable recycling innovations.