Benzinga | Sep 29, 2020 08:10AM EDT

Aqua Metals Receives Additional $1.5M Insurance Payment; Collections to Date Reach $21.8M

MCCARRAN, Nev., Sept. 29, 2020 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ:AQMS) ("Aqua Metals" or the "Company"), which is reinventing lead recycling with its AquaRefining(tm) technology, announced today it has received an additional progress payment of $1.5 million from its insurance provider. The Company has now collected a total of $21.8 million of insurance proceeds related to the November 2019 fire event. Of the total proceeds received to date, $14.2 million have been paid to Aqua Metals and the balance of $7.6 million have been allocated to the retirement of the Veritex Bank loan.

Including this payment, Layer 3 has now paid out $9.3 million, which is approximately 75% of the total Layer 3 insurance coverage amount of $12.5 million. Layer 4, for which the Company previously submitted property, casualty and business interruption claims, accounts for the remaining $25.0 million of the potential $50.0 million of total collections. The Company continues to collaborate with its insurance provider and is making progress toward receiving additional anticipated progress payments.