December 18, 2020: Aqua Metals, the lead battery recycling firm, said on December 15 that it had paid off a $9 million loan to the Veritex Bank and was now debt free, almost exactly a year after a fire tore through its Nevada site, destroying all of its Aqua refining modules.
In the same statement, the company said it had received another insurance payment in respect of the fire, with total payments received now totalling $23.4 million.
“The company anticipates collecting additional insurance proceeds for the replacement value of its damaged assets and potential business interruption recovery proceeds,” the company statement said.
“Eliminating our debt significantly strengthens the balance sheet and completely removes the burden of restrictive loan covenants,” said CFO Judd Merrill. “In addition, this step improves the company’s cash burn rate by eliminating $0.9 million annually in debt service payments, including $0.6 million in interest expense. We are also pleased with the continued progress made in recovering the losses through our insurance collection efforts.”