Johnson Controls (NYSE: JCI), finalized an agreement covering North America, China and Europe for a cutting-edge electrochemical battery recycling technology. Under terms of a multi-faceted deal, the company is investing in Aqua Metals (NASDAQ: AQMS).
“Our partnership with Johnson Controls is a tremendous step forward and is an opportunity for us to work with the global leader in automotive battery manufacturing and responsible recycling,” said Dr. Stephen Clarke, chairman and CEO of Aqua Metals in a press release. “We will build on this exciting relationship in order to enable clean and efficient battery recycling around the world.”
Under the agreement Johnson Controls will:
· Become the first licensee for AquaRefining™ technology
· Supply Aqua Metals with batteries to recycle as a service, as part of the Johnson Controls closed-loop network
· Purchase AquaRefined™ metals produced from Aqua Metals’ facilities
· Acquire just under 5 percent of Aqua Metals outstanding shares
“Agreements like this are a part of our continuing strategy to invest in clean technologies, building on our commitment to create a more sustainable and environmentally responsible industry,” said Joe Walicki, president of Johnson Controls Power Solutions in a press release.
Aqua Metals, which recently opened its first plant in McCarran, Nevada, uses an advanced electrochemical process for recycling batteries. As it scales up capacity, Aqua Metals plans to hire hundreds of employees for existing and future operations across the United States.
Aqua Metals is based in Alameda, California, and has built its first recycling facility in Nevada’s Tahoe Reno Industrial Complex. To learn more, visit www.aquametals.com.
Johnson Controls is a global diversified technology and multi industrial leader serving a wide range of customers in more than 150 countries for additional information, visit http://www.johnsoncontrols.com.