Aqua Metals Reports Milestone Advancements, Strategic Progress, and Sierra ARC Lithium Battery Recycling Campus Developments in 2024
Aqua Metals (NASDAQ: AQMS) reported significant achievements in 2024 for its sustainable lithium battery recycling operations. The company's Li AquaRefining™ process demonstrated >99% recovery of lithium, cobalt, and nickel with 83% lower CO₂ emissions than hydrometallurgy. Key milestones include:
- Successful 24/7 endurance run of the Li AquaRefining™ pilot
- Production of >600 pounds of >99.5% pure lithium carbonate
- Completion of Phase One construction at Sierra ARC facility
- Signing of long-term supply agreement with 6K Energy
The company secured approximately $15 million in equity, a $2.2 million tax abatement from Nevada, and $1.5M interim bridge financing. The Sierra ARC facility is ready for equipment installation to process 7,000 tonnes of black mass feedstock annually, pending additional financing for CAPEX and G&A funding.
Aqua Metals (NASDAQ: AQMS) ha riportato risultati significativi nel 2024 per le sue operazioni di riciclaggio sostenibile delle batterie al litio. Il processo Li AquaRefining™ dell'azienda ha dimostrato un recupero di litio, cobalto e nichel superiore al 99%, con emissioni di CO₂ inferiori del 83% rispetto all'idrometallurgia. I traguardi chiave includono:
- Esecuzione con successo di un test di resistenza 24/7 del pilota Li AquaRefining™
- Produzione di oltre 600 libbre di carbonato di litio puro al 99,5%
- Completamento della costruzione della Fase Uno presso l'impianto Sierra ARC
- Firma di un accordo di fornitura a lungo termine con 6K Energy
L'azienda ha ottenuto circa 15 milioni di dollari in capitale, un abbattimento fiscale di 2,2 milioni di dollari dal Nevada e finanziamenti ponte provvisori di 1,5 milioni di dollari. L'impianto Sierra ARC è pronto per l'installazione delle attrezzature per elaborare annualmente 7.000 tonnellate di materia prima black mass, in attesa di ulteriori finanziamenti per il CAPEX e il finanziamento G&A.
Aqua Metals (NASDAQ: AQMS) reportó logros significativos en 2024 para sus operaciones de reciclaje sostenible de baterías de litio. El proceso Li AquaRefining™ de la empresa demostró una recuperación de litio, cobalto y níquel superior al 99%, con un 83% menos de emisiones de CO₂ que la hidrometalurgia. Los hitos clave incluyen:
- Ejecución exitosa de una prueba de resistencia 24/7 del piloto Li AquaRefining™
- Producción de más de 600 libras de carbonato de litio puro al 99,5%
- Finalización de la construcción de la Fase Uno en la instalación Sierra ARC
- Firma de un acuerdo de suministro a largo plazo con 6K Energy
La empresa aseguró aproximadamente 15 millones de dólares en capital, un abatimiento fiscal de 2,2 millones de dólares de Nevada, y financiamiento puente interino de 1,5 millones de dólares. La instalación Sierra ARC está lista para la instalación de equipos para procesar 7,000 toneladas de materia prima black mass anualmente, a la espera de financiamiento adicional para CAPEX y fondos G&A.
Aqua Metals (NASDAQ: AQMS)는 2024년 지속 가능한 리튬 배터리 재활용 운영에서 중요한 성과를 보고했습니다. 회사의 Li AquaRefining™ 프로세스는 리튬, 코발트 및 니켈의 회수율이 99% 이상이며, 수화 금속 공정보다 CO₂ 배출량이 83% 낮다는 것을 입증했습니다. 주요 이정표는 다음과 같습니다:
- Li AquaRefining™ 파일럿의 24/7 내구성 테스트 성공적 수행
- 99.5% 순도의 리튬 탄산염 600파운드 이상 생산
- Sierra ARC 시설의 1단계 건설 완료
- 6K Energy와의 장기 공급 계약 체결
회사는 약 1500만 달러의 자본을 확보했으며, 네바다에서 220만 달러의 세금 감면과 150만 달러의 임시 브리지 자금을 받았습니다. Sierra ARC 시설은 연간 7,000톤의 블랙 매스 원료를 처리하기 위한 장비 설치를 준비하고 있으며, CAPEX 및 G&A 자금 조달을 위한 추가 자금이 필요합니다.
Aqua Metals (NASDAQ: AQMS) a rapporté des réalisations significatives en 2024 pour ses opérations de recyclage durable des batteries au lithium. Le processus Li AquaRefining™ de l'entreprise a démontré une récupération de lithium, de cobalt et de nickel supérieure à 99%, avec des émissions de CO₂ inférieures de 83% par rapport à l'hydrométallurgie. Les jalons clés comprennent :
- Exécution réussie d'un test de résistance 24/7 du pilote Li AquaRefining™
- Production de plus de 600 livres de carbonate de lithium pur à 99,5%
- Achèvement de la construction de la phase un de l'installation Sierra ARC
- Signature d'un accord d'approvisionnement à long terme avec 6K Energy
L'entreprise a sécurisé environ 15 millions de dollars en capitaux, un allègement fiscal de 2,2 millions de dollars du Nevada, et financement temporaire de 1,5 million de dollars. L'installation Sierra ARC est prête pour l'installation d'équipements pour traiter 7 000 tonnes de matières premières black mass par an, en attendant un financement supplémentaire pour le CAPEX et le financement G&A.
Aqua Metals (NASDAQ: AQMS) berichtete 2024 über bedeutende Erfolge in seinen nachhaltigen Lithium-Batterie-Recycling-Betrieben. Der Li AquaRefining™-Prozess des Unternehmens zeigte eine Wiedergewinnung von über 99% bei Lithium, Kobalt und Nickel, mit 83% geringeren CO₂-Emissionen im Vergleich zur Hydrometallurgie. Wichtige Meilensteine sind:
- Erfolgreiche 24/7-Beständigkeitsprüfung des Li AquaRefining™-Prototyps
- Produktion von über 600 Pfund reinem Lithiumcarbonat mit mehr als 99,5% Reinheit
- Abschluss des Baus der Phase Eins der Sierra ARC-Anlage
- Unterzeichnung eines langfristigen Liefervertrags mit 6K Energy
Das Unternehmen sicherte sich etwa 15 Millionen Dollar Eigenkapital, einen Steuererlass von 2,2 Millionen Dollar aus Nevada und 1,5 Millionen Dollar Zwischenfinanzierung. Die Sierra ARC-Anlage ist bereit für die Installation von Geräten zur jährlichen Verarbeitung von 7.000 Tonnen Black Mass-Rohstoffen, wobei zusätzliche Finanzierungen für CAPEX und G&A erforderlich sind.
- Achieved >99% recovery rates for lithium, cobalt, and nickel with 83% lower CO₂ emissions
- Produced >600 pounds of high-purity (>99.5%) battery-grade lithium carbonate
- Secured $18.7M in total funding through equity, tax abatements, and bridge financing
- Signed major supply agreement with 6K Energy for up to 30% of recycled content
- Completed Phase One construction of Sierra ARC facility with 7,000-tonne annual processing capacity
- Additional financing still required for CAPEX and G&A funding to complete commercialization
- Facing challenging strategic battery metals commodity market conditions
- Revenue generation dependent on securing remaining funding
- Commercial scale operations not yet initiated
Insights
Aqua Metals has achieved several technical milestones that position their Li AquaRefining process as a potentially disruptive technology in battery recycling. The successful 24/7 endurance run over three weeks demonstrates operational stability - a critical hurdle many recycling technologies fail to overcome at scale. Their claimed >99% recovery rates for lithium, cobalt, and nickel with 83% lower CO₂ emissions than conventional hydrometallurgy represents a significant efficiency advantage if maintainable at commercial scale.
The production of 600+ pounds of battery-grade lithium carbonate (>99.5% purity) is particularly noteworthy as domestic lithium production remains extremely in the US. The validation testing with multiple CAM producers creates potential market pathways, while their achievement in converting recycled nickel into cathode active material tackles a critical bottleneck in closing the battery loop.
Their pivot to prioritize lithium carbonate and mixed hydroxide precipitate production shows strategic adaptability to market conditions. However, the technology remains pre-commercial, with the Sierra ARC facility requiring significant additional capital investment before producing at scale. The long-term supply agreement with 6K Energy could create one of North America's first closed-loop battery material partnerships, though both companies need additional financing to execute fully.
Aqua Metals presents a complex financial picture marked by promising technology but persistent capital constraints. Despite raising
The company's revised economic model shows pragmatic adaptation to market realities, prioritizing a faster path to revenue and targeting a three-year payback period even in challenging commodity markets. This capital-efficient approach is encouraging, but execution remains entirely dependent on securing additional funding for both CAPEX and G&A expenses.
Investors should note the company has completed significant preparatory work at the Sierra ARC facility, potentially reducing time-to-market once funding is secured. However, the company still lacks clear revenue generation, with commercial operations contingent on completing financing. The strategic pivot to higher-margin products (lithium carbonate and MHP) suggests potential for stronger unit economics when production begins, but the timeline remains uncertain. The domestic production angle creates potential strategic value beyond immediate economics, particularly as battery supply chain security gains political importance.
Validated closed-loop battery recycling technology, built commercial partnerships, and revised economic model to better pursue funding and scale domestic battery mineral production
RENO, Nev., March 31, 2025 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS), a pioneer in sustainable lithium battery recycling, today announced key achievements from 2024 and outlined progress for 2025 as the Company delivered critical technical milestones and high-purity material production through its proprietary Li AquaRefining™ process. In the past year, Aqua Metals delivered industry-first milestones, strengthened commercial partnerships and opportunities, and expanded its strategic vision to build a resilient, low-capex, and rapidly scalable platform for critical mineral recovery in the U.S.
The Company’s innovative Li AquaRefining™ process achieved key validation milestones, proving performance at scale while offering superior environmental and economic advantages over conventional recycling methods. With the primary building for Phase One of the Sierra ARC fully upgraded and ready for equipment installation, Aqua Metals is prepared to commence equipment installation and commissioning as well as the buildout of a new adjacent building to enable processing of 7,000 tonnes of black mass feedstock annually. These final steps in commercialization depend upon securing the remaining financing for the CAPEX and G&A funding required to complete the project — and position the Company to become a domestic leader in the closed-loop, clean energy supply chain.
2024 Progress and 2025 Momentum Highlights
Technology Proven, Products Validated
- Successfully operated the Li AquaRefining™ pilot for over a year, achieving >
99% recovery of lithium, cobalt, and nickel with83% lower CO₂ emissions than hydrometallurgy. - Completed a three-week, 24/7 endurance run of the Li AquaRefining™ pilot in December 2024, demonstrating reliable, continuous performance and readiness for commercial scale-up.
- Produced more than 600 pounds of >
99.5% pure lithium carbonate — one of the only current U.S.-based sources of battery-grade recycled lithium at this scale. - Supplied AquaRefined high-purity battery grade lithium carbonate to multiple CAM producers for analysis and testing for LFP cell development.
- Achieved a major U.S. milestone by converting recycled domestic nickel into cathode active material (CAM) with a downstream CAM producer, now under validation by top-tier battery manufacturers in Asia and the U.S.
Commercial Scale in Motion: Sierra ARC
- Completed key Phase One construction and upgrade milestones at the Sierra ARC facility, intended to enable a rapid transition to accepting black mass for processing and initiating critical mineral production at scale.
- Expanded initial production scope to prioritize lithium carbonate and mixed hydroxide precipitate (MHP), more than doubling lithium output without significantly increasing capital cost.
- The updated plan, for which the company continues to seek financing, is designed to reduce capital equipment intensity, shorten time-to-revenue, and deliver a targeted three-year payback — even in a currently challenging strategic battery metals commodity market.
Strategic Partnership Advancements
- Signed a long-term supply agreement with 6K Energy to provide up to
30% of the recycled content for its domestic cathode manufacturing facility, creating one of North America’s first closed-loop battery material partnerships, pending further financing for both parties. - Advanced multiple potential feedstock and offtake agreements to support consistent throughput and strengthen Sierra ARC’s commercial foundation.
- Exploring licensing and co-location opportunities to extend AquaRefining™ technology beyond Aqua Metals' owned facilities.
Financial
- Raised approximately
$15 million in equity with insider participation demonstrating internal confidence. - Received a
$2.2 million tax abatement from the State of Nevada, tied to the ARC’s projected$392 million economic impact and job creation, as calculated by the Nevada Governor's Office of Economic Development. - Closed
$1.5M interim bridge financing in December 2024 — over two-thirds of which was contributed by Aqua Metals’ leadership and Board.
Recognition and Resilience
- Selected by the U.S. Department of Energy to join the ACME-REVIVE program, supporting domestic recovery of critical minerals.
- Named a “Top Project of 2024” by Environment + Energy Leader for groundbreaking work in clean battery materials.
- Recognized by Nevada’s economic development authorities for leadership in sustainability and clean energy job growth.
- Recognized as the only finalist in the Lithium loop of Nevada for “Best Places to Work in Northern Nevada Awards” by Northern Nevada Human Resources Association.
- Strengthened the Board with experienced leaders from the battery and finance sectors to guide commercialization and strategic growth.
“Our team delivered in 2024 — proving and de-risking our technology at the pilot plant, advancing existing and potential commercial partnerships, and preparing for commercialization,” said Steve Cotton, President and CEO of Aqua Metals. “In a year where much of the battery industry has faced delays and headwinds, we adapted with speed and discipline. The result is a more resilient, capital-efficient strategy that positions us to move fast and flexibly.”
“We’ve reimagined how to commercialize our first production facility to meet the realities of today’s strategic battery minerals market while staying true to our long-term vision,” Cotton added. “By prioritizing higher-margin products and deepening strategic partnerships, we believe that subject to securing the additional financing we need, we will steadily progress our path to revenue while building the foundation for a sustainable, closed-loop supply chain in the U.S.”
About Aqua Metals
Aqua Metals, Inc. (NASDAQ: AQMS) is reinventing metals recycling with its patented AquaRefining™ technology. The Company is pioneering a sustainable recycling solution for materials strategic to energy storage and electric vehicle manufacturing supply chains. AquaRefining™ is a low-emissions, closed-loop recycling technology that replaces polluting furnaces and hazardous chemicals with electricity-powered electroplating to recover valuable metals and materials from spent batteries with higher purity, lower emissions, and minimal waste. Aqua Metals is based in Reno, NV and operates the first sustainable lithium battery recycling facility at the Company’s Innovation Center in the Tahoe-Reno Industrial Center. To learn more, please visit www.aquametals.com.
Aqua Metals Social Media
Aqua Metals has used, and intends to continue using, its investor relations website (https://ir.aquametals.com), in addition to its Twitter, Threads, LinkedIn and YouTube accounts at https://twitter.com/AquaMetalsInc (@AquaMetalsInc), https://www.threads.net/@aquametalsinc (@aquametalsinc), https://www.linkedin.com/company/aqua-metals-limited and https://www.youtube.com/@AquaMetals respectively, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Safe Harbor
This press release contains forward-looking statements concerning Aqua Metals, Inc. Forward-looking statements include, but are not limited to, our plans, objectives, expectations, and intentions and other statements that contain words such as "expects," "contemplates," "anticipates," "plans," "intends," "believes", "estimates", "potential" and variations of such words or similar expressions that convey the uncertainty of future events or outcomes, or that do not relate to historical matters. The forward-looking statements in this press release include our expectations for our advancement of proposed and existing partnerships, including our supply agreement with 6K Energy and our continued participation in the production of CAM made from
Contact Information
Investor Relations
Bob Meyers & Rob Fink
FNK IR
646-878-9204
aqms@fnkir.com
Media
David Regan
Aqua Metals
415-336-3553
david.regan@aquametals.com
| AQUA METALS, INC. Condensed Consolidated Balance Sheets - Unaudited (in thousands, except share and per share amounts) | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 4,079 | $ | 16,522 | ||||
| Note receivable - LINICO | 100 | 600 | ||||||
| Accounts receivable | — | 67 | ||||||
| Inventory | 251 | 929 | ||||||
| Prepaid expenses and other current assets | 214 | 181 | ||||||
| Total current assets | 4,644 | 18,299 | ||||||
| Non-current assets | ||||||||
| Property, plant and equipment, net | 16,473 | 10,347 | ||||||
| Intellectual property, net | 146 | 281 | ||||||
| Other assets | 5,102 | 4,673 | ||||||
| Total non-current assets | 21,721 | 15,301 | ||||||
| Total assets | $ | 26,365 | $ | 33,600 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 1,227 | $ | 1,836 | ||||
| Accrued expenses | 3,130 | 2,467 | ||||||
| Lease liability, current portion | 289 | 275 | ||||||
| Notes payable related-party, current portion | 306 | — | ||||||
| Notes payable, current portion | 3,230 | 35 | ||||||
| Total current liabilities | 8,182 | 4,613 | ||||||
| Lease liability, non-current portion | 446 | — | ||||||
| Notes payable, non-current portion | — | 2,923 | ||||||
| Warrant liability | 1,493 | — | ||||||
| Total liabilities | 10,121 | 7,536 | ||||||
| Commitments and contingencies (see Note 14) | ||||||||
| Stockholders’ equity | ||||||||
| Common stock; | 8 | 5 | ||||||
| Additional paid-in capital | 264,198 | 249,790 | ||||||
| Accumulated deficit | (247,770 | ) | (223,215 | ) | ||||
| Treasury stock, at cost; common shares: 29,419 and 21,428 as of December 31, 2024 and December 31, 2023, respectively | (192 | ) | (516 | ) | ||||
| Total stockholders’ equity | 16,244 | 26,064 | ||||||
| Total liabilities and stockholders’ equity | $ | 26,365 | $ | 33,600 | ||||
| AQUA METALS, INC. Condensed Consolidated Statements of Operations - Unaudited (in thousands, except share and per share amounts) | ||||||||
| Year ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Product sales | $ | — | $ | 25 | ||||
| Operating cost and expense | ||||||||
| Plant operations | 7,213 | 6,282 | ||||||
| Research and development cost | 1,587 | 1,741 | ||||||
| Impairment expense | 2,640 | 4,851 | ||||||
| Loss (gain) on disposal of property, plant and equipment | 440 | (23 | ) | |||||
| General and administrative expense | 11,967 | 11,638 | ||||||
| Total operating expense | 23,847 | 24,489 | ||||||
| Loss from operations | (23,847 | ) | (24,464 | ) | ||||
| Other income and expense | ||||||||
| Interest and other income | 376 | 1,147 | ||||||
| Interest expense | (574 | ) | (621 | ) | ||||
| Change in fair value of warrant liability | (507 | ) | — | |||||
| Total other income (expense), net | (705 | ) | 526 | |||||
| Loss before income tax expense | (24,552 | ) | (23,938 | ) | ||||
| Income tax expense | (3 | ) | — | |||||
| Net loss | $ | (24,555 | ) | $ | (23,938 | ) | ||
| Weighted average shares outstanding, basic and diluted | 6,419,607 | 4,696,597 | ||||||
| Basic and diluted net loss per share | $ | (3.83 | ) | $ | (5.10 | ) | ||
FAQ
What recovery rates does AQMS achieve with its Li AquaRefining process?
How much lithium carbonate has AQMS produced in its pilot phase?
What is the processing capacity of AQMS's Sierra ARC facility?
What funding has AQMS secured in 2024?
What is AQMS's partnership with 6K Energy?
