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Aqua Metals, Inc. (NASDAQ:AQMS) ("Aqua Metals" or the "Company"), an innovator in metals recycling with its AquaRefining™ technology, and Dragonfly Energy Corporation, a leading manufacturer of deep-cycle lithium-ion batteries, today announce they have entered into a non-binding letter of intent (LOI) for Aqua Metals to supply lithium hydroxide to Dragonfly.1
Under the LOI, Dragonfly would purchase commercial quantities of lithium hydroxide from Aqua Metals to support Dragonfly’s ongoing development of its solid state lithium-ion battery technologies and future manufacturing activities, as well as providing recycling services. Dragonfly expects to begin production of its solid-state pilot line in 2023, with a supply of lithium hydroxide from Aqua Metals to commence at the time of full-scale manufacturing.
“Aqua Metals continues to develop what we believe is the cleanest and most cost-efficient lithium-ion battery recycling solution that is fundamentally non-polluting,” said Steve Cotton, President and CEO of Aqua Metals. “We are pleased to partner with Dragonfly Energy, a cutting edge company that recognizes our superior, high-value lithium (Li) recovery approach with the lowest environmental footprint of any technology currently under development.”
“Dragonfly is focused on developing technologies to improve conventional and solid-state lithium-ion battery manufacturing and storage through a reduction in costs and expanding accessibility, without sacrificing quality,” said Dragonfly Energy Chief Executive Officer, Dr. Denis Phares. “This partnership with Aqua Metals for the supply of cleanly recycled lithium hydroxide for use in our ongoing solid-state battery development efforts will enable the expansion of our LFP chemistry for applications where stability, longevity, and safety are key. And Aqua Metals’ recycling services will further enable Dragonfly to reduce our environmental impact.”
