Aqua Metals Enters Letter of Intent with Westwin Elements
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 10 2025
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Letter of Intent: 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 based on current nickel prices.
Successful Qualification: Aqua Metals' nickel carbonate product has successfully passed Westwin's testing and approval process, produced using AquaRefining technology from lithium-ion battery black mass.
Commitment to Domestic Production: The LOI signifies a shared commitment to establish a domestic source of nickel carbonate to support U.S. industrial and battery manufacturing needs.
Future Plans: Product delivery is targeted to commence in 2027, pending financing and the completion of commercial facilities by both parties.
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Analyst Views on AQMS
Wall Street analysts forecast AQMS stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for AQMS is 12.00 USD with a low forecast of 12.00 USD and a high forecast of 12.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 5.270
Low
12.00
Averages
12.00
High
12.00
Current: 5.270
Low
12.00
Averages
12.00
High
12.00
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.
Aqua Metals (AQMS) Signs Multi-Year Supply Agreement with 6K Energy, Expected Annual Value in Tens of Millions
- Supply Agreement Signed: Aqua Metals' multi-year supply agreement with 6K Energy establishes a framework for battery-grade nickel metal and lithium carbonate, expected to generate tens of millions in annual value, enhancing the company's commercialization capabilities within the U.S. battery supply chain.
- Positive Market Reaction: Aqua Metals' stock rose 5.19% to $6.48 amid a broader market uptrend, indicating that the stock is moving in sync with favorable market conditions and reflecting investor confidence in its future growth.
- Mixed Technical Indicators: While Aqua Metals is currently trading 13.7% above its 20-day simple moving average, it remains 6.8% below its 100-day SMA, suggesting short-term strength but longer-term challenges ahead.
- Optimistic Analyst Ratings: The stock carries a Buy rating with an average price target of $16.40, with Benchmark analysts raising their target to $12.00, indicating a positive outlook for its future performance.
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Data I/O Appoints Edward Smith as Board Chair and Steven Waszak as Independent Director
- Board Leadership Change: Edward Smith has been appointed as Chair of Data I/O's Board, aimed at strengthening leadership to support market expansion and enhance corporate governance.
- Independent Director Addition: Steven Waszak will join the Board effective December 3, 2025, increasing the number of independent directors to five, further enhancing the Board's independence and expertise.
- Board Size Expansion: The appointments increase the Board's size from five to six members, reflecting the company's commitment to a diverse leadership team to drive strategic growth.
- Rich Industry Experience: Both new Chair Smith and Independent Director Waszak bring over 25 years of industry experience, which is expected to significantly support the company's organic and inorganic growth strategies.
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