August 27, 2020: Aqua Metals’ latest insurance pay-out for $5,279,000 brings the total collected to more than $20 million since a fire destroyed equipment at its Nevada site last November, the firm announced on August 26.
Almost $7 million of this has been used to settle a bank loan with Veritex.
The rest has been paid to the company.
Despite the damage inflicted on the Reno facility, where all 16 of the AquaRefining modules were destroyed, the company in June said it had managed to complete an initial run of its V1.25 Electrolyzer, two weeks ahead of the original schedule.
“This first iteration of improvements ran very well and as expected, produced ultra high-purity lead metal assayed at 99.99+%, consistent with lead production from the previous electrolyzers in 2019,” Aqua Metals said.