Aqua Metals

Aqua Metals focuses on recycling metals with its patented hydrometallurgical “AquaRefining” technology. AquaRefining technology is water-based and claims to produce pure lead from metal waste. The company has also developed lithium-ion recycling technology called “Li-AquaRefining,” which uses electrons to recover valuable metals such as lithium-ion hydroxide, cobalt, nickel, and copper from spent lithium-ion batteries. The company offers AquaRefining tech in the form of modular recycling equipment called “Aqualyzers.” As of March 2024, the company offered recycling services and licensing technology across the globe.

Aqua Metals' recycling technology claims to recover metals with 99.99% lead purity at up to 50% lower operating expenses compared to traditional processes. 

As of March 2024, Aqua Metals is operating a pilot scale facility with a processing capacity of 75 tons per annum (tpa) of black mass input. The Company is also advancing the development and commissioning of its first commercial-scale facility in Tahoe-Reno, the Sierra ARC (AquaRefining Campus), which is expected to process up to 10,000 tpa of feedstock when construction is completed in 2026.

Key customers and partnerships

• In May 2023, Aqua Metals partnered with 6K Energy to develop low-carbon battery materials and establish a long-term agreement for cathode material manufacturing. In October 2023, the two companies advanced their partnership to build a circular domestic supply chain for critical minerals in lithium battery production. 

• In September 2023, the company partnered with Dragonfly Energy, a lithium-ion battery manufacturer, to provide high-purity lithium hydroxide from recycled lithium-ion batteries to the latter's battery cell manufacturing. 

• In July 2023, the company partnered with Yulho, a South Korean battery materials company, for an equity investment of USD 5 million in Aqua Metals and granting Yulho a license to deploy Aqua Metals' patented AquaRefining technology in its own facilities in South Korea.

Funding and Financials

In July 2023, Aqua Metals completed a public offering, raising ~USD 17.4 million by selling 15.82 million shares of its common stock at USD 1.10 per share. The proceeds were to be used for working capital, including expenses related to the construction of its recycling campus in Nevada, and for general corporate purposes.