Highlights 

  • Secured USD 17.1M in new capital to support commercialization and facility development 
  • Advanced pilot-scale processing of LFP materials producing battery-grade lithium carbonate 
  • Entered new agreements in nickel and deep-sea mineral recycling collaborations 

Aqua Metals, Inc. (NASDAQ:AQMS), a company focused on sustainable battery metal recycling and refining, released its financial and operational updates for the quarter ended September 30, 2025. 

During the third quarter, Aqua Metals raised USD 4.1M and subsequently secured an additional USD 13M in October from a single institutional investor, bringing total new funding to USD 17.1M. This capital will support ongoing engineering, permitting, and site selection activities for the company’s first commercial-scale facility. Aqua Metals aims to maintain efficient cash utilization while preparing for project execution once full financing is obtained. 

Technology and Project Development 

Aqua Metals successfully completed pilot-scale processing of 1 metric ton of lithium-iron-phosphate cathode scrap, producing battery-grade lithium carbonate. With LFP battery adoption increasing due to cost and safety benefits, the company reported being the only recycler to demonstrate an economically feasible recovery process for this feedstock. Additionally, Aqua Metals has modeled a 50/50 NMC-LFP facility design that indicates profitability under current metal pricing conditions. 

Strategic Partnerships 

The company entered into two memorandums of understanding with MOBY Robotics and Impossible Metals to evaluate clean refining of polymetallic nodules—deep-sea mineral sources containing nickel, cobalt, manganese, and rare earth elements. These collaborations aim to expand Aqua Metals’ engagement in sustainable critical-mineral refining. 

A Letter of Intent was also signed with Westwin Elements, a U.S.-based nickel refinery developer, outlining potential supply of 500–1,000 metric tons of recycled nickel carbonate per year. Based on current pricing, this agreement could represent around USD 12M in annual contract value. 

Market Overview 

The lithium-battery recycling sector is entering a consolidation phase as earlier market participants address challenges of scale and cost. Nonetheless, demand remains strong, with electric vehicle sales up 11% year over year and grid-storage deployment expanding. By 2030, U.S. black mass output is projected to exceed 250,000 metric tons annually, representing an estimated USD 1.2B in recoverable critical minerals at current market prices. 

Management Commentary 

“Q3 was one of the most productive periods in our company’s history,” said Steve Cotton, President and CEO of Aqua Metals. “With the bolstering of our balance sheet, successful LFP pilot runs, and multiple strategic partnerships undergoing evaluation—from undersea minerals to domestic nickel refining—we’re executing on our vision for a feedstock-agnostic, low cost, low-carbon refining platform that supports U.S. supply-chain independence.” 

“Our technology continues to demonstrate adaptability across both terrestrial and marine feedstocks, giving Aqua Metals unique flexibility as the clean-energy transition enters a renewed phase of investment and growth,” Cotton added.