Aqua Metals, Inc. announced it has successfully performed test runs on the second iteration of its electrolyzer as part of the Company’s V1.25L program. The program consists of three iterations that are classified as V1.25a, V1.25b and the final iteration, V1.25L, the latter of which will be used to create the AquaRefining electrolyzer package for the Company’s equipment supply and licensing offerings. This second iteration of improvements incorporates key changes intended to further enhance the AquaRefining value proposition by reducing build and operating costs and increasing uptime and throughput. The core improvement in V1.25b is the new, larger single tank/frame assembly. The improved tank replaces the previous tank that required multiple components, while also serving as the frame for the electrolyzer. The new configuration should allow for the electrolyzers to run for months at a time with lower build, labor, operating and maintenance costs. V1.25b provides additional improvements of internal components scheduled to be introduced in test runs in the coming weeks. The Company expects these enhancements to provide further cost and reliability improvements; drawing from the experience gained in 2018 and 2019 when the Company produced over 35,000 certified high purity ingots that itspartner Clarios, the Worlds’ largest battery manufacturer, purchased for the manufacture of batteries. The Company continues to utilize and will continue to benefit from its stockpile of lead concentrate throughout the V1.25L program. As the Company now prepares for the third iteration, V1.25L, additional runs of V1.25b will be performed to demonstrate consistency and to further validate the improvements. The V1.25L program continues to be on schedule, with an expected completion date in the first quarter of 2021. As previously communicated, the V1.25L program does not fundamentally change the key operating parameters of the AquaRefining electrolyzers. The program is intended to build upon previous operational success and target key areas of case hardening, thus providing a strong and robust AquaRefining equipment value proposition to the marketplace. Each iteration focuses on the following intended improvements: V1.25a – (Successfully completed) - Full automation and process control, optimized concentrate feed/recovery system; V1.25b – (Now operating) - Decreased build cost, tank improvements designed to lower maintenance costs and improve the maintenance free cycle from one to three months or longer in a steady state of operation; V1.25L – (Coming soon) Improved operating cost, electrical efficiencies, full data logging and web data portal.