Aqua Metals Inc Dossier
Qualitative Analysis
Business overview
Aqua Metals, Inc. (NASDAQ: AQMS) is a pioneer in sustainable battery metals recycling and refining. The company is developing and seeking to commercialize its proprietary, patented AquaRefining™ technology. Unlike conventional smelting or chemical-intensive hydrometallurgical processes, AquaRefining is an electro-hydrometallurgical method that utilizes electricity in a water-based, closed-loop system to recover high-purity critical minerals and metals (such as lithium carbonate, nickel, cobalt, copper, and manganese) from spent lithium-ion batteries and manufacturing scrap. This modular approach is designed to reduce capital and operating expenditures, minimize hazardous waste, and eliminate direct fossil-fuel emissions.
Research as of 20 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Executing a structured path toward the first commercial lithium battery recycling facility, including site selection, engineering definition, and commercial engagement with prospective partners.
Expected impact: Establishes the company's first commercial-scale recycling footprint, transitioning it from pilot-scale operations to commercial production.
Collaborating as the industrial partner on a DOE-funded research program led by Idaho National Laboratory to evaluate electrochemical alternatives to conventional solvent extraction for separating nickel and cobalt.
Expected impact: Validates and advances next-generation electrochemical processes for critical minerals refining, strengthening the domestic battery supply chain.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
High strategic importance for validating electrochemical alternatives to solvent extraction for nickel and cobalt separation using Aqua Metals' Tahoe-Reno Innovation Center.
Terms: Part of a DOE-funded research program; Aqua Metals does not expect a material impact on near-term financial results.
Aims to advance a domestic, closed-loop circular supply of battery materials, connecting ABF's LFP battery cell manufacturing with Aqua Metals' recycling capabilities.
Terms: Non-binding proposed collaboration.