Aqua Metals
Aqua Metals (NASDAQ: AQMS) operates a proprietary water-based electrochemical process called AquaRefining that recovers battery-grade lithium, nickel, cobalt, copper, and manganese from spent lithium-ion batteries, serving U.S. cathode manufacturers, battery cell producers, and nickel refiners with low-carbon closed-loop recycling.
- Company typePublic
- Founded2015
- HeadquartersMccarr, United States
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Aqua Metals does
Aqua Metals (NASDAQ: AQMS) is a publicly traded battery recycling technology company headquartered in Reno, Nevada, that develops and operates the proprietary AquaRefining platform — a water-based electrochemical process recovering lithium, nickel, cobalt, copper, and manganese from spent lithium-ion batteries at battery-grade purity. The process uses electrified plating rather than smelting furnaces or chemical-intensive hydrometallurgical pathways, reportedly reducing greenhouse gas emissions by 98% relative to smelting and eliminating sodium sulfate waste streams while operating at approximately 97% of Chinese operating costs versus 216% for conventional hydrometallurgy. The company operates a 75-ton-per-year Li AquaRefining pilot at the Tahoe-Reno Innovation Center (24x5 since summer 2023, 5,000+ cumulative operating hours) and is developing Sierra ARC as a planned commercial-scale facility with Phase One targeting 3,000 tons/year of black mass processing and full commercial plans for up to 60,000 metric tons annually.
The company serves three primary customer segments: cathode active material manufacturers (notably 6K Energy under a multi-year supply agreement signed January 2026), battery cell manufacturers (American Battery Factory via a co-location MOU in Tucson, Arizona, targeting 10,000 metric tons/year by 2028), and nickel refiners (Westwin Elements LOI for 500–1,000 metric tons of nickel carbonate annually at ~$12 million value). Additional MOUs with MOBY Robotics and Impossible Metals extend the platform into deep-sea polymetallic nodule refining, and a DOE-funded Idaho National Laboratory partnership (June 2026) supports research on electrochemical alternatives to solvent extraction. Revenue mechanics include direct battery materials sales (index-based LME pricing), equipment and modular Aqualyzer system supply, and technology licensing (historical Taiwan LOI with ACME Metal Enterprise).
The company reported no commercial revenue and a $22.6 million net loss for FY2025, with $10.8 million in cash and equivalents as of December 31, 2025. Material supply agreements remain subject to qualification and scale-up. Equity raises totaling approximately $41 million since 2023 (most recently a $13 million registered direct offering in October 2025) fund commercialization efforts, while a proposed all-stock acquisition of Lion Energy ($25.8 million plus up to $65 million earnout) was terminated in Q2 2026 due to capital structure misalignment.
Aqua Metals firmographics
Firmographics- Name
- Aqua Metals
- Legal name
- Aqua Metals, Inc.
- Website
- https://aquametals.com
- Company type
- Public
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Aqua Metals (NASDAQ: AQMS) operates a proprietary water-based electrochemical process called AquaRefining that recovers battery-grade lithium, nickel, cobalt, copper, and manganese from spent lithium-ion batteries, serving U.S. cathode manufacturers, battery cell producers, and nickel refiners with low-carbon closed-loop recycling.
- Ownership category
- akta.pro rank
Aqua Metals industry classification
Industry- Product category
- Battery Materials Recycling
- NAICS
- Materials Recovery Facilities (562920)
- SIC
- Industrial Inorganic Chemicals (2810)
- akta.pro primary industry
- Lithium-ion Battery Recycling (Mechanical, Hydro, Direct Recycling) (EUAIAIAF)
- akta.pro secondary industries
- Battery Materials Refining & Re-Manufacturing Feedstocks (Li, Ni, Co, Mn, Graphite Salts) (EUAIAIAJ), Battery Recycling & Materials Recovery (Li-ion, LFP, Flow, Lead-Acid) (EUAMALAE)
Keywords
Where Aqua Metals is headquartered
LocationHeadquarters
- HQ city
- Mccarr
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Aqua Metals business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Others
Revenue model
- Battery Materials Sales: Future revenue from selling recovered battery-grade materials including lithium carbonate, nickel metal, cobalt, copper, and manganese products to cathode manufacturers and battery producers. Multi-year supply agreement with 6K Energy established with index-based LME pricing.
- Technology Licensing: Licensing AquaRefining equipment and technology to recyclers globally. Historical LOI with ACME Metal Enterprise in Taiwan to deploy and license technology in APAC region.
- Equipment and Services: Providing equipment supply, services, and technology deployment to licensees. The Company offers modular Aqualyzer systems and operational support.
Go-to-market motion3 records
Distribution channels3 records
Marketing channels5 records
Aqua Metals product offering
Product offeringCore offering
Aqua Metals operates a proprietary water-based electrochemical battery recycling platform called AquaRefining that recovers lithium, nickel, cobalt, copper, and manganese from spent lithium-ion batteries at battery-grade purity. The company runs a pilot facility in Nevada (Li AquaRefining Pilot, 75 tons/year) and is developing the Sierra ARC commercial-scale campus (3,000-10,000+ tons/year). Recovered materials include battery-grade lithium carbonate, mixed hydroxide precipitate (MHP), and nickel metal, sold to cathode active material manufacturers and battery producers under multi-year supply agreements.
Product overview
Aqua Metals operates as a battery recycling technology company built around its proprietary AquaRefining™ platform—a water-based electrochemical process that recovers critical battery materials (lithium, nickel, cobalt, copper, manganese) from spent lithium-ion batteries at battery-grade purity without smelting or hazardous chemicals. The core product portfolio includes the AquaRefining™ technology itself, the Li AquaRefining Pilot Facility (operating at 75 tons/year capacity), and the planned Sierra ARC (AquaRefining Campus) targeting commercial scale of 10,000-60,000 metric tons annually. The company produces and sells recovered materials including battery-grade lithium carbonate (achieving <30 ppm fluorine), mixed hydroxide precipitate (MHP), and nickel metal, supported by supply agreements with 6K Energy and Westwin Elements. Strategic partnerships extend the platform to co-located recycling with American Battery Factory in Tucson, LFP battery recycling, and deep-sea minerals processing via MOUs with MOBY Robotics and Impossible Metals.
Differentiator
Problem solved
Functional benefit
Products and services
- AquaRefining Technology Platform Proprietary water-based electrochemical recycling process that recovers lithium, nickel, cobalt, copper, and manganese from spent lithium-ion batteries at battery-grade purity using electricity instead of smelting furnaces or chemical-intensive hydrometallurgy. The platform is licensed to recyclers and used at Aqua Metals' own facilities.
- Li AquaRefining Pilot Facility Pilot-scale lithium-ion battery recycling facility at the Tahoe-Reno Innovation Center in Nevada that processes spent lithium batteries and produces saleable quantities of lithium hydroxide, nickel, cobalt, copper, and manganese dioxide. Operational at 75 tons per year with more than 5,000 cumulative operating hours.
- Sierra ARC (AquaRefining Campus) Planned commercial-scale lithium battery recycling campus with Phase One designed to process 3,000 tons per year of black mass feedstock, with output equivalent to materials from approximately 30,000 average EV battery packs. Future phases designed for 10,000 to 60,000 metric tons per year capacity, producing battery-grade lithium carbonate and mixed hydroxide precipitate (MHP).
- Battery-Grade Lithium Carbonate High-purity lithium carbonate recovered from spent lithium-ion batteries using AquaRefining, with fluorine content below 30 ppm representing best-in-class quality among recycling operators. Supplied to cathode active material manufacturers under multi-year agreements (e.g., 6K Energy).
- Mixed Hydroxide Precipitate (MHP)
Quantifiable outcome
- 98% reduction in greenhouse gas emissions compared to conventional smelting
- +6 more outcomes
Companies that use Aqua Metals
Customer profileNamed customers2 records
Segments5 records
Ideal customer profiles1 record
Aqua Metals technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature7 records
Aqua Metals partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core, major, emerging and historical.
- Idaho National Laboratory (DOE)coreSelected as industrial partner on DOE-funded research program led by INL focused on next-generation battery recycling technologies. Evaluating electrochemical alternatives to conventional solvent extraction for separating nickel and cobalt from battery recycling streams. Company contributes pilot-scale experience and Tahoe-Reno Innovation Center infrastructure.
- Lion EnergymajorAquired term sheet to acquire Lion Energy, a U.S.-based provider of commercial, residential, and distributed energy storage systems with proprietary energy management software. Would add approximately $50 million in 2025 revenue and create vertically integrated battery lifecycle platform. Transaction terminated in May 2026 citing capital structure misalignment, though discussions continue for potentially less dilutive alternatives.
- American Battery FactorymajorNon-binding MOU to co-locate a commercial lithium-ion battery recycling facility adjacent to ABF's planned battery cell manufacturing operations in Tucson, Arizona. Facility would process up to 10,000 metric tons annually, returning battery-grade lithium carbonate for reuse in U.S. battery production. Target commercial operations 2028. ABF has a minority stake relationship with Lion Energy.
- 6K EnergymajorMulti-year Material Supply Agreement for battery-grade nickel metal and lithium carbonate produced using AquaRefining process. Initial three-year term with index-based LME pricing. Volumes could represent tens of millions of dollars annually. Establishes commercial framework for domestic cathode manufacturing.
- Westwin ElementscoreNon-binding LOI for supply of 500-1,000 metric tons of recycled nickel carbonate annually. Could represent approximately $12 million in annual contract value at current prices. Targets delivery commencement in 2027. Creates potential for one of first fully domestic nickel supply chains.
- MOBY RoboticsemergingMOU to evaluate sustainable refining of deep-sea polymetallic nodules containing critical metals including nickel, cobalt, manganese, and rare earth elements. Plans for bench-scale testing and potential rare earth element recovery.
- Impossible MetalsemergingMOU to evaluate combining responsible seabed mineral collection with AquaRefining to produce domestic supply of critical minerals including nickel, cobalt, copper, manganese, and rare earth elements from deep-sea polymetallic nodules.
- ACME Metal EnterprisehistoricalLOI to license and deploy AquaRefining technology at ACME's facility in Keelung, Taiwan. Envisioned as first APAC licensee. Includes joint development of processing AquaRefined briquettes into battery-ready oxide material using ball mill process.
Scale indicators15 records
Recent moves8 records
Expansion highlights6 records
Aqua Metals competitors and assessment
Company assessmentBroad incumbents
- Umicore: Umicore is a global materials technology and recycling group with a major battery materials and refining business. Broad incumbent whose hydrometallurgical recycling and cathode materials portfolio overlaps with Aqua Metals' target customer base.
- GEM Co. GEM Co. is one of China's largest battery and e-waste recyclers, producing nickel and cobalt salts for cathode manufacturers. Broad incumbent in the Asian recycling ecosystem that competes with Aqua Metals for global battery-grade material supply.
- Glencore: Glencore is one of the world's largest commodity traders and recyclers of battery feedstocks (nickel, cobalt, copper). Broad incumbent competing in the upstream critical minerals supply chain Aqua Metals targets with domestic recycling.
Regional players
- SungEel HiTech: SungEel HiTech is a South Korea-based lithium-ion battery recycler with established operations supplying battery-grade materials to Asian cell manufacturers. Regional peer that anchors the Asia-centric recycling supply chain Aqua Metals is positioning to displace domestically.
Emerging players
- Element Energy: Element Energy develops battery diagnostic and recycling technology for lithium-ion batteries, targeting cost-effective recovery of critical materials. Emerging U.S.-focused peer with overlapping IP-driven approach to Li-ion recycling.
- Princeton NuEnergy: Princeton NuEnergy applies a low-temperature plasma-driven recycling process to recover battery-grade materials from spent Li-ion batteries. Emerging peer with comparable focus on cleaner, lower-emission alternatives to smelting.
Direct peers
- Ascend Elements: Ascend Elements (formerly Battery Resourcers) uses a hydrometallurgical process to recover lithium, nickel, cobalt and manganese from spent batteries into cathode-active material. Direct peer in producing battery-grade materials for U.S. cell manufacturers.
- Li-Cycle: Li-Cycle is a leading lithium-ion battery recycler using a hydrometallurgical 'spoke-and-hub' model to produce battery-grade materials. It is the most direct comparable to Aqua Metals in feedstock focus, target customers (cathode/battery manufacturers), and U.S./Canada operating footprint.
- Redwood Materials: Redwood Materials recycles end-of-life lithium-ion batteries, recovering critical materials for reuse by U.S. battery and EV manufacturers. Direct competitor to Aqua Metals in domestic, sustainable Li-ion recycling and cathode material supply.
- Cirba Solutions: Cirba Solutions (formerly Heritage Battery Recycling) operates one of the largest North American battery recycling networks, processing lithium-ion and lead-acid batteries. Comparable to Aqua Metals in end-of-life Li-ion collection and material recovery.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Aqua Metals social profiles
Digital presenceAqua Metals financial estimates
Financial estimateRevenue estimate
Valuation estimate
Aqua Metals leadership team
Management profileNumber of profiles
Profiles4 records
Aqua Metals funding detail
Funding detailFunding overview
Funding rounds5 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Aqua Metals M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Aqua Metals
What does Aqua Metals do?
Aqua Metals operates a proprietary water-based electrochemical battery recycling platform called AquaRefining that recovers lithium, nickel, cobalt, copper, and manganese from spent lithium-ion batteries at battery-grade purity. The company runs a pilot facility in Nevada (Li AquaRefining Pilot, 75 tons/year) and is developing the Sierra ARC commercial-scale campus (3,000-10,000+ tons/year). Recovered materials include battery-grade lithium carbonate, mixed hydroxide precipitate (MHP), and nickel metal, sold to cathode active material manufacturers and battery producers under multi-year supply agreements.
Is Aqua Metals a public or private company?
Aqua Metals is a public company. It is classified as public and is currently operating.
When was Aqua Metals founded?
Aqua Metals was founded in 2015. It employs 11 to 50 people.
Where is Aqua Metals based?
Aqua Metals is headquartered in Mccarr, United States, in the North America region.
How does Aqua Metals make money?
Three revenue lines are on record. Battery Materials Sales are the primary driver. The others are technology Licensing and equipment and Services.
Who are Aqua Metals's main competitors?
Broad incumbents on record are Umicore, GEM Co. and Glencore. SungEel HiTech is listed as a regional player. Emerging players are Element Energy and Princeton NuEnergy. Direct peers are Ascend Elements, Li-Cycle, Redwood Materials and Cirba Solutions.
Does Aqua Metals have an API?
No public API is recorded for Aqua Metals.
What industry is Aqua Metals in?
Aqua Metals's product category is Battery Materials Recycling. Its primary akta.pro industry code is EUAIAIAF, Lithium-ion Battery Recycling (Mechanical, Hydro, Direct Recycling), with a secondary code of EUAIAIAJ, Battery Materials Refining & Re-Manufacturing Feedstocks (Li, Ni, Co, Mn, Graphite Salts). Its NAICS code is 562920 and its SIC code is 2810.