Aqua Metals, a Nevada-based listed metal recycler, has partnered with Yulho, a South Korean battery materials company, for an equity investment of USD 5 million in Aqua Metals and granting Yulho a license to deploy Aqua Metals' patented AquaRefining technology in its own facilities in South Korea.

As part of the equity investment, Yulho will purchase 4.5 million shares at USD 1.10 per share through a registered direct offering, expected to close on or before August 4, 2023. The two companies will also work to provide up to 100,000 tons of processed battery materials per year in South Korea, with plans to expand beyond Asia into the European Union.

Analyst QuickTake: Earlier today, Aqua Metals also announced a USD 17.4 million underwritten public offering, bringing total gross proceeds from the two offerings to approximately USD 22 million, which will strengthen Aqua Metals' balance sheet and fund the first phase of development of its 10,000 ton per year commercial scale recycling facility in Tahoe-Reno .