Aqua Metals and Westwin Elements Agree to Letter of Intent for Nickel Carbonate Supply from U.S. Production
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 10 2025
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Source: Newsfilter
Aqua Metals and Westwin Elements Collaboration: Aqua Metals has signed a non-binding Letter of Intent with Westwin Elements to potentially supply up to 1,000 metric tons of recycled nickel carbonate annually, valued at approximately $12 million, highlighting the increasing demand for sustainable nickel materials in the U.S.
Successful Product Qualification: Aqua Metals' nickel carbonate product has successfully passed Westwin's testing and approval process, demonstrating its capability to meet the technical and economic criteria necessary for high-purity nickel carbonate production.
Commitment to Domestic Supply Chain: The collaboration aims to establish one of the first domestic sources of nickel carbonate, contributing to U.S. critical minerals independence and reducing reliance on imports for battery manufacturing.
Future Prospects and Risks: Both companies plan to negotiate a definitive supply agreement, with product delivery targeted for 2027, contingent on securing financing and completing facility build-outs, while acknowledging various risks that could impact the agreement's success.
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About AQMS
Aqua Metals, Inc. is engaged in metals recycling with its AquaRefining technology. It is focused on commercializing sustainable lithium-ion battery recycling that is non-polluting and closes the loop on critical minerals for clean energy technologies. It is focused on building and operating its lithium battery recycling facility, utilizing electricity to recycle instead of intensive chemical processes, fossil fuels, or high-temperature furnaces. Its flagship lithium battery recycling campus - the Sierra ARC (AquaRefining Campus) is a sustainable lithium battery recycling center in North America and commercial-scale deployment of its Li AquaRefining technology. Its process allows for recovery and conversion into high-purity nickel carbonate. It provides equipment and licensing of its lead acid battery recycling technologies in an enabler model. Its process produces high purity metals and alloys that can be returned into the battery manufacturing supply chain or sold into metals markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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See More
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See More
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- Commercialization Progress: Aqua Metals advanced its AquaRefining platform commercialization in Q1 2026, evaluating multiple U.S. locations to optimize feedstock access and logistics, indicating strategic expansion in critical minerals and energy storage markets.
- Financial Condition: The company reported a net loss of approximately $4 million, or $1.22 per share, with cash and cash equivalents around $6.8 million, highlighting a tension between ongoing investments and operational costs.
- Technical Breakthrough: At its innovation center, Aqua Metals surpassed 5,000 cumulative operating hours across multi-feedstock campaigns, successfully producing industry-standard battery-grade lithium carbonate, showcasing its technological capabilities in battery materials recycling.
- Acquisition Decision Adjustment: Management decided not to proceed with the acquisition of Lion Energy, emphasizing the importance of capital discipline and risk management, reflecting a cautious approach in the current market environment.
See More
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- Earnings Loss: Aqua Metals reported a Q1 GAAP EPS of -$1.22, indicating significant challenges in profitability that may negatively impact investor confidence and stock performance.
- Strategic Review: The company is actively evaluating alternative transaction structures to enable a more capital-efficient approach to integrating selected energy storage assets, which could lay the groundwork for future financial stability and growth.
- Asset Integration Plans: Aqua Metals outlines a range of 10,000 to 60,000 metric tons for its ARC facility, demonstrating ambition in expanding its energy storage capabilities, potentially enhancing its competitive position in the market.
- Market Response: Despite facing financial losses, Aqua Metals is advancing its deal with Lion Energy, reflecting the company's determination to seek strategic partnerships to bolster its market position and business outlook.
See More
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- Market Growth Potential: The U.S. battery storage market is growing at over 30% annually, with utility-scale deployments expected to rise by 66% in 2024, creating an urgent need for domestic, secure battery supply chains, which Aqua Metals aims to address through the acquisition of Lion Energy.
- Revenue and Synergies: Lion Energy brings approximately $50 million in immediate revenue and provides Aqua Metals with a commercial platform to manage the entire battery lifecycle, thereby diversifying revenue streams across hardware, software, and services, enhancing the company's competitive position in the market.
- All-Stock Transaction Structure: The deal is structured as an all-stock transaction, with Lion's shareholders set to receive about $25.8 million at closing and potentially up to $65 million in performance-based earnout shares over the next 12 months, a structure that preserves cash flow while ensuring continuity in strategic execution.
- Vertical Integration Advantage: By integrating hardware, software, and recycling, Aqua Metals gains visibility and control across the entire battery lifecycle, allowing it to offer a true circular solution that traditional OEMs cannot match, which will become increasingly valuable as sustainability becomes a regulatory and competitive necessity.
See More
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- Commercialization Adjustments: CEO Stephen Cotton stated that Aqua Metals will simplify its first commercial plant in 2025 by focusing on two core feedstock streams, NMC black mass and LFP black mass, which is expected to reduce execution risk and shorten time to market, thereby enhancing unit economics and payback profiles.
- Product Quality Improvement: The company achieved lithium carbonate with fluorine levels under 30 parts per million, produced at meaningful scale and distributed to strategic partners for evaluation, indicating significant advancements in product quality that enhance market competitiveness.
- Financial Condition Improvement: CFO Eric West reported that cash and cash equivalents at the end of 2025 were approximately $10.8 million with no long-term debt, and net cash used in operating activities improved year-over-year, reflecting enhanced financial health and operational efficiency.
- Future Outlook: Management emphasized that 2026 priorities include advancing engineering and permitting work, deepening commercial negotiations with supply and financing partners, and ensuring construction will not commence until readiness is confirmed, thereby mitigating project risks.
See More
