Aqua Metals Secures $13 Million from Institutional Investor

According to a company announcement, Aqua Metals, Inc., a U.S.-based innovator in sustainable lithium battery recycling, has successfully completed a $13 million registered direct offering with a leading institutional investor. The transaction, executed as a shelf takedown, is expected to bolster the company’s financial position and advance its commercialization plans.

The proceeds will strengthen Aqua Metals’ balance sheet and support the development of its first commercial AquaRefining™ Campus (ARC), marking a key transition from pilot operations to industrial-sc ale deployment. The Benchmark Company LLC, a subsidiary of StoneX, acted as the sole placement agent and financial advisor for the deal.

According to Aqua Metals, the company is currently evaluating two potential locations for its first ARC facility. Each site offers operational advantages such as proximity to raw materials and potential customers, as well as favorable construction and logistics conditions. The newly raised capital will fund site design, engineering, and permitting activities in preparation for full-scale construction.

Once operational, the ARC facility will demonstrate the scalability of Aqua Metals’ proprietary electro-hydrometallurgical process, which offers a cleaner and more economical alternative to conventional smelting and chemical refining of black mass—the key input material from spent lithium-ion batteries.

According to reports, the U.S. Department of Defense plans to establish a $1 billion critical minerals stockpile, highlighting the country’s urgency in strengthening domestic supply chains. Aqua Metals’ technology directly supports this goal by providing a sustainable pathway to recover high-purity lithium, nickel, cobalt, copper, and manganese from both manufacturing scrap and end-of-life batteries.

“With a fortified balance sheet and expanding partnerships across the battery supply chain, we are now positioned to take the next major step toward commercialization,” said Steve Cotton, President and CEO of Aqua Metals. “The work doesn’t just advance sustainable recycling, it supports America’s strategic goal of building a secure, domestic supply of critical minerals essential for the energy transition and stored energy applications.”

The global shift toward electrification has amplified demand for responsible recycling technologies. With the U.S. aiming to reduce dependence on foreign-controlled refining capacity—particularly from Asia—companies like Aqua Metals are strategically positioned to fill domestic gaps in lithium and nickel recov ery. Its proprietary AquaRefining™ process, which eliminates high-emission smelting, could play a crucial role in meeting upcoming sustainability and national security targets.

Aqua Metals stated that further updates on site selection and commercialization progress will be announced in the coming weeks, alongside its upcoming third-quarter financial results.

Source: Aqua Metals, Inc.