Aqua Metals (AQMS) 27 Mar 242023 Q4 Earnings call transcript

Good afternoon, and welcome to the Aqua Metals Fourth Quarter Financial Results Conference Call. [Operator Instructions]. Please note, this conference is being recorded. I'll now turn the call over to our host, Bob Myers with FNK IR. Bob, please go ahead.

thank for and operator, you, you, joining. everybody, Thank XX, a providing results an today, ended the Aqua update release issued Metals December year full financial Earlier operational press and quarter and XXXX. fourth for discussing This release Relations the website company's the aquametals.com. section on at available is in Investor Executive Hosting today Chief Cotton, Merrill, Judd President Steve call and Chief the and are Officer; Financial Officer.

be on to would like March a during and any XX-K management the materially cause will Aqua could such that the does today, to forward-looking the required statements. refer company actual or by risks, that law. from disclaims Please not not report occur, participants Metals I making undertake remind begin, differ as XX, and to statements. reflect we as summary obligation Form to those forward-looking Before unanticipated revise filed statements. of reliance or forward-looking uncertainties events to update they company's forward-looking statements specifically results factors The call, for other the investors to circumstances on new any statements cautions place undue except and

from using reminder, and can provided remarks, after the phone be other earlier will questions. all in will the press question online a and be webcast over submit today's the we a Questions investors accepted As taking formal analysts portal releases.

brief available We questions a we highlights To that slot. time our the progress. will start many we in as show video take can our call, will as

call from replays For will the website. be (Video the be to playing) available Steve that able hear the those dialed will narration and in, have will you lead there. on

you successfully we important for today. proof-of-concept initiating transitioned thank Aqua advancing activities. and Metals and everyone to Bob, us an we who year XXXX commercial commercialization, This from to our as enter was you, joined Thank

producing over valuable day delays, capitalization and derisk lithium a an materials and partners. located week. other using been and Tahoe-Reno right over has pilot to projected validate for has The now XX our Industrial and operating is carbonate processing, nickel, our metric have Center X,XXX overruns a of providing approaches mass pilot and has is Sierra ARC in hours X black other tons cobalt, best learnings hydroxide, currently list the operations Unlike plant been scales Phase an production served potential The campus and cost year to pilot and which full our X expanding pilot production. commitment the to our our of our our existing Sierra that days lithium to pilot and shipments we for XXx and of increase with and materials engineering from is commercial-sized of ARC moonshot capabilities practice, operating facility. representative to First, process, ARC here costs customers a

time planned calibrate a work remains Importantly, our a of the accuracy with with growth on to and the but the side, development facility testament more a commercial budgeting ARC Judd short existing budget. we and ability upfit frame equip state-of-the-art of design, build, under the hard will building time is the commission, speak which prudent scale Sierra company. and the on strategy in to spending

have to our this to Simultaneously, supply facility add presence. Black industry input manage personnel to continue and Mass. we feedstock We key expand our at secured

all now today's battery capacity metal the Because ARC. recovery With including X we of the purchases the Phase roughly summer to commissioning valuable basis average of approximately revenues at economics. of full clear with prices. Phase million Sierra at of we $XX input worth the Aqua an annual prices, We critical battery at nameplate ARC line Sierra economic packs advantages has chemical this ARC capabilities waste X of or inherent our sight minerals of expensive processing and the EV also believe Refining, at expect use still even to streams, onetime favorable of the XX,XXX its metal that today's beginning minerals, have feedstock on of generate full of elimination established, the lower

agreement up without attempted industry a just revolutionizing For collaboration is the lithium-ion production define we industry. are produced that capital XK the towards deadlines have processing lithium-ion scaling offtake our for to Energy. chain along to solidified, domestically With ecosystem. finalized and for believe partner marquee our XK Metals for and reasonable input establishes of key energy also requiring moving lithium strategy. low-carbon our the building while and challenging materials. our agreement. our critical supply nickel levels we output, we will first moving as ramp approach we In revenues carbonate minerals for standards can output low-cost, technology our and key up phased still the systematically with yesterday ramping technology manufacturing with mitigation sustainable announced cash circular with XK in and companies advancing Others massive rapidly, Beginning provide step-by-step, significant we supply derisking supply plus both but batteries. flow facility. The is to for is offtake sustainably and in agreement production together proving way. commitments are contrast, first industry and methodically, meaningful a our Aqua XXXX, recycled pivotal to first-of-its-kind minerals, to needed essential XK XX% This This a Risk

of our we nondilutive variety grants, traditional including As stages as we next a the towards growth, pursuing debt as well of are government funding options, look financing.

are starting And is our that is joint sustainability. Flexibility recognizing on before, which strategy developed part and self and consider with based methodically, continue also We revenue strategy is in-house. big we that build, adding will, of a also our of said multiple streams, all operate, other industry but on IP based licensing, however, can colocation is given own, our structures all then maturing. venture, to have this as we like ton still move as hydrometallurgical of operating cost per advantage CapEx an traditional waste design, sulfate, gives unique unique to and along competitive significant a than and technology with compared and streams as low expected durable plans our half eliminates. require lack players, With our advantage. tonne to us the commercial less approach our per a engineering to serves efficiency sodium due measured optionality This our and chemical of which usage process

In commodity fact, we this of disqualify environment inherent industry. effectively economic and long-term serves as the viable solutions for environmental challenges us have both believe well. that and an shifted, the Hydro where prices In Standard those pyro processes

component and strategy, made and industry, As industry. a in significant our a this our we rapidly part nascent in area. Expanding evolving ecosystem is of we progress commercialization are have of some a ebbs typical critical of flows the facing partner

we to Beyond agreement on the complete with XK April our Energy, funded continue by expect just Energy XK announced development we progress process. for partnership supply as a agreement nitration our make specialized to

that in we for expected of recall multipart years to the for understanding is you As collaboration a that our that is come. signed October, memorandum may basis to extend many

taken Tennessee. CAMI towards vision adjacent of as the as have steps facility to Jackson, their common well process deploying nitration Plus in a We our significant new arc

are dry operations build-out agreement. with and black this hydroxide, to Dragonfly progress. with used batteries. pending sustainably to believe We solid-state unique with successfully we approvals. recycled actually licensing been cycle first is sustainably they the first in Energy is minerals the ongoing first tested recycled then lithium-ion cells work to their which Yulho Discussions as commence completed production facility produce them mass will negotiate first we with time continues technology. battery We is partnership deposition supply lithium nearly and environmental believe our that Yulho's what Our new have

we capacity, a production be their buyer products build in right expect successfully Nevada. Energy here them our Dragonfly lithium of As to Tahoe-Reno,

build Despite American on some see negative deployment year-over-year and up. a the a close the battery evidenced need years industry growth EVs the well, and ramp terawatt qualify of Despite to in sustainable production to few domestically This decade's country's ground the incentives. the now over growth short the help Turning end, in which to XXXx dollars bumps will overall we some represents curve headlines, North U.S. of attention would to new ago. like by the of the to by in transition hundreds recycling [indiscernible], where largest dynamics, Gigafactories energy of being loop produced that our in industries for as XX% alive hour for capacity billions of I decade recent sales. one is X literally of capacity from a invested just tax the EV driving rapidly scrap industry production is going. and make for comment IRA These just the

and closing Stay and meetings Gigafactory our with we to assist loop. in be manufacturers, discussions an in opportunity evidenced see auto tuned. and operators the several a maker market enormous them As

weight gases to Xx be destined could mistaken to technologies We the the oceans. the of waste believe also sustainable. Xx the conflated landfills sulfate recycling sodium and Xx the word for produced of Competing that recycled be or word streams, strongly in weight batteries greenhouse and and the with even batteries to Xx

addition for allows jobs. safe, impacts, clean In environmental to Akrefining

smelting not chemical work do to employees Our have uncomfortable or ops suits.

marketplace. that and ended to for the And growing strategy in achieve results for I'll discuss Merrill, to Financial it sharing and now, further our forward I Officer, Chief to our over soon. we summary, So year serve our Judd technology, partnerships, our the them you of updates the with all turn for XXXX. these in believe strategic position as validation investments powerful look

Thanks, Steve.

report to I'm extensive accounting top shortly, deadline. is firm, XX-K auditors filed XX-K XX-K who us on call some company to These as file expect from up today's as firm before on X Since I made completed a Armanino do. we able share public yet, normally final many longer audit is experience. the the to reviews doing final as company no with been time audits not finishing hasn't will switch the metrics with be Our we of X the reviews accounting financial and April one XX a public

am share today. key I some financial able information to However,

sheet. Let me balance the start with

will XX, December of general cash commissioning related of on ongoing we the Phase and operating and approximately of the costs plant, year of Cash million. XXXX, pilot As support Sierra X to the outfitting capital ARC. the the hand with ended $XX.X working total

As plan. changes no under of I'll so forecast for been is move since a the of X capital the accurately growth in Aqua commercial to needs our statement. significant on Steve sheet discussed, balance this other to facility Metals report, our priority last phased and Phase It were There income our our budget. build-out schedule has

executing of costs focused $X.X for year. build-out were on the our we operations plant pilot operations and plant our The approximately XXXX, at our were million facility. to commercial the For related

the the the development and Research for the During XX, line XX% XX, costs administrative General approximately revenue December completion NRE XXXX, ended year from did to fees was growth XXXX, or which XXXX. successful and nonrecurring December and approximately the XK the year our decreased engineering XX, expectations service of compared Energy. to year, our with December year ended increased modest expenses the we record ended compared agreement plans. in with X%

For XXXX, the investment noncash million. in Linaco impairment XX, of This year Metals. is we recognized related $X.X to and our Acme ended approximately a December charge

For this parent Linaco, $X.X Linaco's the off Linaco sale we to for of of Comstock and stock result is a wrote Inc. common million, our $XXX,XXX.

$X.X a million basic non-GAAP of Net share with and the which Acme for line was the the share with a XX, but negative process loss diluted ended loss $XX.X earlier. or used was the activities was to remove per to development year share, operated related $XX.X December Cash for year. loss for In net prospective opportunities per noncash-related Acme Taiwan, of and place for accounted comply a progress per of or GAAP of negative a of remains a million and still construction expectations for diluted the be $X.X year pause Steve year and for million standards, -- XXXX, basic $X.XX is the for charge, and in operations. the addition, or $X.XX the recycling $XX.X a loss that recognized This can our as operating $X.XX basic is loss onetime the in we XXXX. negative approximately various result million. at When to diluted showcase million impairment we net compared outlined facility

XXXX year an XXXX cash begin we from equity Our a first plant our ARC, which a flows to XXXX. activities mainly We important to with a Yulho. and raise our Sierra strategic investment believe financing commercial Construction, reliable from plant is budget. increased and finish as at generate begin at is with on currently from construction partnership will believe related in time production under equipment and cash we demonstration level installation

plan and business full-scale beyond fund We our will next capital our I the build-out campus need our XX the ARC the commercial of recycling the start to including operations. of Sierra additional completion of proposed months, Phase

are USDA for should such loans coming options answer we We an USDA in million, government-guaranteed actively as have weeks. the which nondilutive pursuing $XX the from the

the from lenders, other -- the to as we options. we possible also sources partners funds on have addition have securing loan, as been In USDA strategic conventional DOE, been working and such dilutive

a We back have and sizable filed grant this with DOE the summer. for to hear expect

on cash the is That and greatest over to moderator commercial demonstration cash to our will expect financials. generation company's it concludes key for access ensuring the turn I that from funding success my first to we to Our remarks positive plan. now our back Q&A.

Instructions]. [Operator

from the question Benchmark first Company. coming Our Michael today from is Legg

start much CapEx I let's left with and the want to all date. on into. Phase needs cash accomplishments And touch I get that how Congrats wanted the on X. is on to base to

Thanks, Yes. Mike.

the So $XX up which to need that year, CapEx left the this million year-end plant, spent about there's of $XX already we on are... QX. to through some million rest of in the we've from finish

Okay. -- expect we do to then operational burn you much G&A burn, And quarterly? how the when from more and the over then

quarterly million So quarter. about per basis, on a $X

to little think by to expect the have Can back requirements we approved and you USDA. you the detail the good it? why you a me on And from hear shot Okay. USDA a getting of give get more

Yes.

loan We've area, that exactly when the got see at. we USDA wants back in can that's of lead to in jobs create that started recycling is One we guarantee the things actually we're XXXX. biggest USDA the where rural and

of company that's more area. bringing So like they jobs type creating these to They type this like the of and industry areas.

It completed by all And that then made And feasibility step. they some so positive. done like third engineering went the we see study, third was study which important in. those an through was and We've did, operations. that is which to we party, turn by a an which require, a is we process They'd a completing which party.

And year, positive. so our plant all last operated that's pilot so and

positives check of lot USDA the a requirement. there's there for So to the boxes

good Great. you getting to has towards you pilot have production the then you of much [indiscernible]? as proved contracted That's then get requests And type out, to to possible Okay. commercial long from plant what and hear. out want lost closer of inbound term, And how clients? production are the

Yes.

hear Good is see Steve So this to question. Mike. answering your to -- good you

for nonrecurring us engineering And through the have is us portion as that our will yesterday their the it So it their they to that the with recycled the work to can or makeup that XX% then so million continue that. those prices. of And relationships. XK and plus camp meetings today's XK and sources, to around full a in from we can of $XX our other can be develop we our them nitrates find in a That them us allows having to we're partnership get -- Energy partnership into their announced materials also project get develop incorporate for facility at the offtake, Energy to going allows year gets that lot offtake that with campus metals that other And technology mined they up through processes environment, of more otherwise, from supply a mineral to capacity we they partners, to are fulfill needs. of because for produce would equal XX% full to than output facility. its that

the relationship to then their symbiotic have our them totally offtake So a relationships And supply. offtake for partners dependent which to we for other is meeting for our XXX% with also ability it's a other continue we're develop optionality really for neither where each and party good lot. upon with

the your Great year forward look Congrats of out. accomplishments. seeing to on I pan the rest

question next coming H.C. is Wainright. from from Joshi Your Sameer

of the on up The right? potential a to the ramp is capacity, clarification total Just million answer. XX% you previous once $XX their

Samir. Yes, Correct.

a their turned year. will -- that Jackson, that order Plus of capacity as being will this be us facility to we in will on and capacity for Tennessee, fulfill And So by our XX% be built it's that later about the They reach in today's of of speak in revenue. of facility. or is in Sierra X the Phase pretty $XX X the metal million Phase of capacity capacity will worth development. price more II then much is ARC Phase the X Phase camp triples

We'll fulfill full to to that's So they as ramp how those their work. to ultimately II Phase built get capacity. numbers need them

what to That's was Understood. Yes. I get trying to.

that On plant it to like also SG&A of the in that R&D? in Is per category burn cash of the $X million and included front, cost does quarter, operations. the addition include

includes G&A and and correct, ramp-up that's production R&D. Yes,

Okay.

briefly during On expect XXXX. the the on I know next And XXXX you Dragonfly milestones there year, should next what are touched and energy, any we steps? that I it, are but mean

Yes.

time. the local develop excited operations of as we're XK, to Gigafactory all which the are working another take cetera. worked So continue done they the relationship that's already partner in already provided out lithium. and gigafactory right their And as in them technology, develop much out into with production plant opportunity more develop a pilot produce Nevada we're capabilities our deposition, of they out them that lithium, to their that has really hydroxide pilot need we which that where with lithium their And anode, they're done. silicon taken they've partnership over them hydroxide battery processes. and And it's that it cells to prove our out, gives more and for really continuing that's steps together LFP et incorporated cells advanced like about exciting next already to we've and right Tahoe-Reno, that their State and offtake of state cyclos And here here the line what we've they've ultimately right lithium that with Dragonfly dry going

with And located? think still where currently? demonstrations. the it -- And can that mentioned written off Who is in equipment? it And it one, where last you Understood. then for like Is equipment that as used is that now, that the been is of control has be I but Acme. it is of

Yes.

A. sitting type So is installation that near

technology interested Type engaging to is we're that And lead technology. that So to Acme Asia focus time the lead our display. in capital from But example, ground there our the the about lithium. that talk in that very actually And as partner with lead well, engaged we're on equipment interested prospects a our only for licensing, from parties quite a efforts of that have on Type visit operate more that Southeast and or it build, for own to X. planning solution of and currently to the one the runs it's showcase so. has month to are coming A, few with recycling still that We really the time. with licensing we're still that the serves in And

facility continuing the an other comply And and to showcase have we made with of that required us Acme that our very parties in excited participate had about partner technology And so just facility at to that do dealings. the different. and and to business do to to show effect potential is the happens any work showcase what us is with to that doesn't the mean accounting a investment that is accounting. great rule It GAAP

the to floor turn for further over I'd to Myers back Q&A. like Bob

operator. you, Thank

does supply need start you XK. long company? them the agreement And you recycled to XK for materials? mean on is sending And with do do What question first The have? how the

question. great Yes,

initial Memorandum the And real And with We that first it's processing the is for excited another finalized, chain technology things to some that with additional technology that and to in pivotal this to supply larger and with we'll all absorb we're decarbonized really them type we're land first. think ramping of because working our large out minerals sending Understanding we see as again, which we establishing development outlined. down next and capacity. battery sent for ARC of come first up various going foundation to be the XXXX start supply more then validation carbonate running company in of U.S. another quantities like circular will an a agreement. about technology, the and of teams minerals facility, really in line the the allocation look that's we've XXXX, get and for recycled for and together, at really agreement art workforce quantities these that's I. and the that's up year lithium XK our are we're agreements So And that's can industry getting Phase battery the event that into agreements critical sustainable really our on the fully beyond all engineering get Jackson, the And includes right of which the associated really our our here amounts partners to Tennessee a colocation XK we now, of their right openrefining which that and some all between things colocating above when

and more XK, is foundationally there's step the both really big really to established in come a it. are and partnership about excited with So companies first this

you, Thank Steve.

question. Next

Fiera share more bit the mentioned on time you and currently detail? ARC Can You budget. is a

suppliers and which delays the a we unknowns in spend, that are technology because on work took really already and effort the Unlike a that the to resources a that truly and this growth first supply chain that ARC on us and supply discipline go a pilot time the of and bit helps lower to stay outfit more also took ultimately It is painstaking time through on on various gone pilot. is phased with any the we because industry, we budget, plant and pilot strategy. new validation to approach. predictable chain disciplined Sure. year, detail lot with think and The took a expected to time of capital others the and financial I had get overall budget fact in our of with

established you significant that progress take stage us get with that and engaged gives made cost really the sample us Sierra that supporting us really supply the offtake those pilot materials and so the and that and production schedule then sign chain see to then of that and we've things. our you working And can showed And future who are then video, mature that agreements to us under called an going the and they time opening get current for A of and But to lot those are our our media stage. partners area. are we're confidence already with eager that more and shows first announced to those video the sample we as video in click beyond entry and just the we've the site, our the in will now can folks Aqua and efforts as of be well. log in, up on get offtake the for also all ARC Metals coming they're are blog, from their see on that for it's materials where in that it to those that

the really that finalized, We even equipment the is video now the the floors base the the So epoxy budget the on had plant. we subsequent pilot really in, the by brand-new our is that get in ready again, approach and equipment ready plant we'll shows time be plant where of the video of is and modular turning and really informed platform took disciplined upfitting the And put have on that driven and inside that this plant toning with staged to and floor. to build the of of the being on summer. and

more can a revenue the to bit question, generation? next elaborate you The path Great. on

absolutely. Yes,

the out well providing more that the various a partners and our nickel been from to to provided whole develop a going from that has receipts finalizing to we and The engineering plant which to cobalt project strategic we've lithium are nitration the partners. Energy technology, we're that And matter received nonrecurring Aside output where few the already weeks. purposes that pilot be XK serves going really as in the there. really samples of

material, of through produced XK taken of the hands and cell And to manufacturers like. and material that and the that they've get some of gone that has [indiscernible] course, cathode material into where automakers

So the focused starting really the company, revenues that tonnes X,XXX profitability commercially to drive Sierra at is ARC that grow and for with Phase per what's I year.

this able to mass We salable but to from get the certainly, and in commissioning of get production but revenue XXXX materials quantities is part as produce ramp into we complete. after summer the be as expect XXXX we'll work to through late QX latter slated and introduced the we Black that XXXX, commence recognition, into of is we the production year

particular, Now the Can needs on in other the offer next options, question remarks. the an you and the capital about your on you update of prepared USDA and status funding side. as funding and talked on the

that question. take Bob, I'll

us the another to USDA the ARC. build-out Phase we've or lending mechanism for X As of important finish is discussed, Sierra the

application submitted through On review understanding and the the initial on process been our side. and their that's filed gone from USDA, the has

and a I that final has so committee meet think there's review. And still to

hearing soon And so we on should back that. be

but to fund than kind we of the options makes the lending. additional pretty of is it we think X, a capital of only about But -- the kind there. Phase is And of mechanism close talking X. like Phase opportunity debt funding USDA really how but very USDA the other debt I to the good. to, back. like and not face contemplate And think hearing have other little than there's we'd just loan longer been Now debt Phase the out a this through some Phase funding we're I we good, met for government service the that takes because better lenders service is terms because to II Cost

think meaningful discussions and potential partners fit. good those having be we ongoing. really with are so some We're that like will And discussions really, some a

we USDA, next potentially X those guys use could get If fund USDA place, Phase we the I, use didn't could we guys to fund if to year. these So II. Phase in Phase do starting get we

that sure we lot a there's to move our of protect So forward. to ability groundwork done, make being

Yulho, updates closer and back to Moving we on an agreement when some partners do to get to that more partnership? expect on

Yes.

that take I'll So one, Bob.

So to had subsequently, and the initial et year and precipice of commissioning at have Black state-of-the-art actually happening an it the last developed that and Korea, things on and seeing productive developed late materially made was facility brand-new facility technology facility crushing complete where Mass lot it's designed like really of on. in a the of trip And that end fact, we is Yulho's year with the turning South last technology, us cetera, to that Korea. impressive in they're been South and proof

there assays over not that. technology do permits, Hanyang And to that working is there. the start stuff final now right associated and importing our they're initial activities And working to things evaluate witnessing through. environmental one the we'll and permits that. do members on of University they're and with currently with And They're batteries actually there preparing putting So of to developing some right team to that. provide then those materials be like operate

on a like agreement final us negotiations, I. lot they So coming that's looks of pending our them Sierra begin for what the continue the work ARC the negotiation. the success what really we final like Phase a where would months looks to setup in with And licensing building conversations out the those

that the Phase like ARC So a and move can process quickly to put up lot engineering complete awful they is X. package looks Sierra very already

and conversations opportunity and but very those the items investor about still with we excited have to partner that we'll provide we material as Materials. have with Yulho continue we're our develop, So updates,

review more impairment metals, earlier Great. noncash you that you indicated Related there in were charges. bit to Acme a some detail? Can

Yes.

related to of we It's at lead business. it's made the optional the the look look advance we is a it's off doesn't you sheet, so to to been clear our really of lot that pretty the time, assets. concluded aren't side over same we on Taiwan But in -- -- focus and when those sitting assets it's that that on the still things the and you -- it's a went the our lead would time of it and our side. of checklist at still available, specifically on business lithium the and going no -- to there that accounting and capacity side accounting appropriate the that we've write when showcase GAAP at down. efforts mean still exercise better just more balance So And a listed for of kind that is operational, intact. GAAP items just that be that had through statement But still our

was burn. you And about see could There about cash you little here talk question Great. what if forward. going another bit a

Yes.

about of questions we additional think related piece per of for with As one the before, million we couple And ongoing stated, CapEx quarter. plant and the from G&A other needs cash a $X just have was to piece. I OpEx the is

week? Next currently plant question. How the pilot processing black is many tons per of mass

So plant XXX scaled of of the be pilot is plant. to the the production size

take take tons those that year that pilot using capacity. So allows or are processing and than we're to XXX and us XX various materials really -- from the to They're kilograms mass more to that the is around the sample continue black folks which operate and quantities, in we'll to of that that input, samples grams in already significant. per industry. And first capacity but not producing

those of materials partners evaluate out pilot and that materials can the ultimately they purpose all the announced the that really qualify Sierra that's ARC get and various So is those online. unannounced be into so when of comes and produce the hands will to coming then of the

Black ton of the Great. X What is from typical yield lithium mass?

great the confusing it to but able a is upon than maybe technology much black the to composition powder. depends, mass easy the been What's answer all like is our of The in maybe we've X% really lithium more little process Yes. bit it cathode that, makeup things with a way that a material. in depends percentage higher about the and to

very we're that It's letters, the of NMC whole or of recipes or materials. other of So types LFP a and come. in flexible alphabet mixes LMP the

whatever recovers aspect important that we of are way do you very compare recipes. smelting X% that various do what But those or of So to the we of XXs extract flexible battery is That's those with out we're of we important percent the from the because very lithium really pyro right high that to if but reuse that sources idea probably out have not is economic are capture better that air, of and over intimately. the a good to applications great lithium, economics. there, it. put we to incumbent those burn advantage compared types lithium course, it the it a of it's and and much into over And rather it

without you their many efficacy? in metals the lithium-ion losing precious How question. a Next can recycle battery times typical

Yes.

all infinitely. over is over can critical over used beauty and this the recovery these critical that's and minerals minerals of of be various again So

very and you to So then where multiple of complex reusing are of one form, and these and gasoline with at but these we're the times and certainly oil, in once very a can again. batteries the up in that once, over gas infinite the digging oil allows once you're idea you things recycling of them it and over you recovering pure recycle more them And getting loop then and you and starts degrade an plastics, recycle them it atom can't time molecules them, a than broadly for closing can't plastics but and recycle and atoms, over minerals. processing into reuse the ahead

of it's it. plastics battery history, other ultimately look and that's copper percentages students the like the market X% supply Lithium as in XX%, loop we to towards a up lead if today as battery so As over. time, X% and even that build in chain, to batteries the recycled XX% recycled over more market, in over the and at a probably matures recycled of decades as market And it's infinitely recycling going begins to that are close material today, that to buy lead migrate brand-new to lead going X%. couple and those or the you from to are X% have materials to high of of lead close

there some be little a Despite the way opportunities and further the What still can And the the trades year in company? bit. for some do you've look been the we the market coming what progress and to milestones stock question. the outlined, investor that have in Next to disconnect? confidence in headwinds of you believe

Sure.

confidence industry the and it in company, do investor in order. then the that generally So in there's I'll

you come prices seen confidence investor in the metals So at industry, have look if down. we

well to being like and in We it's isn't has things the going or world, have a a the and and EVs manufacturers look lower would of it's look and and production seen fab, that some like EV million January China EV EVs be auto The big penetrations. EU market data, grow places certainly this with emerging penetration percentage XX% know first by XXXX, it other because misleading cost X sold the higher to throughout articles of managing to them going less them that. to seen cost were you We've about the and facts electric in vehicles really time the which to cost going chain engine make for vehicles in of make EVs we've hold But internal EVs in supply and at when over sold. you at cost the the the of in of growth. the XXXX, combustion goods year-over-year seen seen XXXX. just We've continued report that U.S. growth

continue much already we the it for pretty and will the equalized, price is expect performance grow. consumer, So to ratio to

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folks or growing the inevitability So fast this it say we industry see that as should. despite as it's may not time of some over growing not could or

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