Unique lead recycling plant in Reno area finalizes $10M loan
The world’s first electro-chemical lead battery recycling plant of its kind has bigger plans for Northern Nevada.
Aqua Metals announced that it will expand capacity for its AquaRefinery under construction east of Reno-Sparks after officially closing on its $10 million loan with Green Bank. The loan is being provided in conjunction with a 90 percent loan guarantee from the U.S. Department of Agriculture’s Rural Development Agency.
“The fact that Aqua Metals will make lead battery recycling a clean and safe process for workers and the surrounding communities is a double bonus,” said Sarah Adler, Nevada State Director of USDA Rural Development, in a statement. “The USDA looks forward to supporting Aqua Metals’ growth and additional rural job creation with potential future loan guarantees as the company creates additional plants around the country.”
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Aqua Metals facility, which is under construction at the Tahoe Reno Industrial Center, uses a clean technology that recycles lead from batteries. Lead batteries are typically recycled through smelting, which produces polluting emissions. In addition to producing almost zero emissions, the AquaRefinery technology is also more cost effective than smelting.
The loan terms require Aqua Metals to pay only interest during the first year, followed by 20 years of interest and principal payments. The interest rate will be based on the Wall Street Journal Prime Rate Index plus 2 percent, with a floor rate of 6 percent. The rate will be adjusted each quarter.
The USDA-backed loan will allow Aqua Metals to expand its inaugural AquaRefinery, said Stephen Clarke, chairman and CEO of the company.
“We have been able to develop a plan to produce lead at 80 tonnes per day and then to expand to 160 tonnes per day by 2018,” Clarke said. “We are excited to be part of the USDA’s Rural Development Program to bring new and innovative technologies and jobs to the heart of America.”