Aqua Metals is a pre-commercial technology company developing a proprietary electro-hydrometallurgical process for recycling lithium-ion batteries. Its core technology, AquaRefining, processes "black mass" — the shredded material from spent lithium-ion batteries — to recover battery-grade lithium carbonate and mixed hydroxide precipitate (MHP, a nickel-rich intermediate). These materials can be sold back into battery supply chains for use in new cathode production. Aqua Metals' target customers are cathode active material producers, battery manufacturers, and OEMs seeking domestically sourced recycled battery materials. The company has not yet generated commercial revenue and is currently qualifying materials with potential partners and pursuing offtake and feedstock agreements. Aqua Metals is pursuing three commercialization pathways: building and operating its own recycling facilities, licensing its technology to third parties, and toll processing or colocation arrangements with existing recyclers or manufacturers. The company argues its process is cost-competitive with Chinese hydrometallurgical recycling and operates at roughly half the cost of traditional U.S. methods, primarily because electricity replaces single-use chemicals and avoids large sodium sulfate waste streams. Aqua Metals sold its previously intended Sierra ARC facility in 2025 and is now evaluating alternative sites. In February 2026, Aqua Metals entered a non-binding term sheet to acquire Lion Energy, a private company with operations in energy storage, energy management software, and battery cell production.