Aqua Metals issues 2024 progress report

Lithium-ion battery recycler Aqua Metals Inc., Reno, Nevada, recently announced key achievements from 2024 and outlined progress for this year, claiming it has delivered critical technical milestones and high-purity material production through its proprietary Li AquaRefining process.

In the last year, the company says it has delivered “industry-first milestones,” strengthened commercial partnerships and opportunities and has expanded its strategic vision to build a resilient, low-capex and rapidly scalable platform for critical mineral recovery in the United States.

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The company says its recycling process achieved key validation milestones, proving its performance at scale while offering what the company calls superior environmental and economic advantages over conventional recycling methods. Additionally, Aqua Metals says the primary building for Phase 1 of its Sierra Arc facility is fully upgraded and ready for equipment installation and commissioning, as well as the buildout of a new adjacent building to enable the processing of 7,000 tons of black mass feedstock annually. The company says the final steps in commercialization depend on securing the remaining financing required to complete the project.

Technologically, Aqua Metals says highlights of the last year include:

• Successfully operating the Li AquaRefining pilot plant for more than a year, achieving more than 99 percent recovery of lithium, cobalt and nickel with 83 percent lower CO₂ emissions than hydrometallurgy.
• Completing a three-week, 24/7 endurance run of the pilot plant in December 2024 the company says demonstrates a reliable, continuous performance and a readiness for commercial scale-up.
• Producing more than 600 pounds of about 99.5 percent-pure lithium carbonate.
• Supplying AquaRefined high-purity battery grade lithium carbonate to multiple cathode active material (CAM) producers for analysis and testing for lithium iron phosphate (LFP) cell development.
• Converting recycled domestic nickel into CAM with a downstream CAM producer, now under validation by top-tier battery manufacturers in Asia and the U.S.

Aqua Metals also claims to have gained momentum on the buildout of its Sierra Arc facility. In addition to the completion of Phase 1 construction and upgrades at the site, the company says it expanded its initial production scope to prioritize lithium carbonate and mixed hydroxide precipitate (MHP), more than doubling output without significantly increasing capital cost. It also is seeking financing for its updated plan, which is designed to reduce capital equipment intensity, shorten time-to-revenue and deliver a targeted three-year payback—even in a battery metals commodity market the company calls “challenging.”

The company notes advancements in strategic partnerships that include:

• Signing a long-term supply agreement with Massachusetts-based 6K Energy to provide up to 30 percent of the recycled content for its domestic cathode manufacturing facility, creating what Aqua Metals calls one of North America’s first closed-loop battery material partnerships, pending further financing for both parties.
• Advancing multiple potential feedstock and offtake agreements to support consistent throughput and strengthen Sierra Arc’s commercial foundation.
• Exploring licensing and colocation opportunities to extend AquaRefining technology beyond Aqua Metals’ owned facilities.

Financially, Aqua Metals says within the last year it has raised approximately $15 million in equity with insider participation “demonstrating internal confidence.” Additionally, the company has received a $2.2 million tax abatement from the state of Nevada tied to the Arc’s projected $392 million economic impact and job creation, as calculated by the Nevada Governor’s Office of Economic Development. The company also closed $1.5 million in interim bridge financing in December 2024—more than two-thirds of which was contributed by the company’s leadership and board.

“Our team delivered in 2024, providing and derisking our technology at the pilot plant, advancing existing and potential commercial partnerships and preparing for commercialization,” President and CEO Steve Cotton says. “In a year where much of the battery industry has faced delays and headwinds, we adapted with speed and discipline. The result is a more resilient, capital-efficient strategy that positions us to move fast and flexibly.

“We’ve reimagined how to commercialize our first production facility to meet the realities of today’s strategic battery minerals market while staying true to our long-term vision. By prioritizing higher-margin products and deepening strategic partnerships, we believe that subject to securing the additional financing we need, we will steadily progress our path to revenue while building the foundation for a sustainable, closed-loop supply chain in the U.S.”