Shares of lead recycling company Aqua Metals Inc (NASDAQ: AQMS) are trading higher on Monday after the company announced “significant” improvements to its sustainability-focused battery recycling technology.
The company which is aiming to reinvent lead recycling with its AquaRefining technology said it has completed its V1.25L electrolyzer program on time and under budget, achieving lead production that is 100% greater than the V1.0 electrolyzer deployed at the AquaRefinery during commercial production in 2018 and 2019.
The results will positively impact Aqua Metals capital and operating expenses for its future equipment and supply licensee customers.
“The doubling of throughput results in a 50% reduction in the number of electrolyzers needed for equivalent lead production’” Aqua said.
The electrolyzer operating expenses have also been reduced by more than 60% compared to the V1.0 electrolyzer, resulting in automation and increased throughput improvements.
“The results give us the ability to communicate a greater value proposition to future customers and should positively impact our economics of equipment supply and licensing agreements. We chose to focus our 2020 efforts on product improvement in support of accelerating our strategic shift to an equipment plus services supplier and a licensor of our technology,” commented Steven Cotton, President and CEO of Aqua.
Shares of Aqua are up over 38% at the time of writing, trading at $3.23 after initially reaching highs of $3.54 earlier in the day.