Aqua Metals to Purchase Lion Energy

[Ben Graham]

US battery recycler Aqua Metals (NASDAQ: AQMS), announced Wednesday it has entered into a term sheet to acquire energy storage systems provider Lion Energy LLC. 

On closing of the transaction, Aqua Metals said it plans to leverage Lion Energy’s brand, intellectual property, capital, technical talent and manufacturing capabilities to transform the company into a domestic player capable of managing the entire battery lifecycle, from manufacturing and deployment to intelligent grid participation and end-of-life recovery. 

“This transaction is intended to add meaningful revenue to Aqua Metals while expanding our participation in the rapidly growing energy storage market,” Aqua Metals CEO said Steve Cotton said in a news release.  

In late 2025, Aqua Metals signed a non-binding letter of intent with Westwin Elements, the only major US nickel refinery, to supply up to 1,000 metric tons of recycled nickel carbonate a year starting in 2027. 

“Energy storage is a natural extension of our battery materials strategy, and Lion Energy has built a complementary platform that spans systems, software, and customer relationships,” Cotton said.  

“Together, we believe this combination would strengthen our path toward a more vertically integrated, US-based battery supply chain and supports our long-term vision for a robust domestic battery materials industry led by our new combined entity.” 

By market close in New York, Aqua Metals stock was down 6.9%. The company has a $12.8 million market capitalization.