Aqua Metals Business Summary

Aqua Metals, Inc. (AQMS) operates a sustainable battery recycling business centered on its patented AquaRefining™ technology, a room-temperature, water-based electrochemical process that recovers high-purity metals from spent lithium-ion batteries. The company generates revenue through three primary streams: the sale of battery-grade materials (including lithium carbonate, nickel, cobalt, and copper) recovered from black mass, the licensing of its proprietary technology to global partners, and the provision of modular Aqualyzer™ equipment. Its business is segmented into Technology & Services, which manages pilot operations and licensing, and the emerging Material Sales division, which is scaling commercial production at its Sierra ARC facility and through strategic co-location partnerships like the 2026 initiative with American Battery Factory. Aqua Metals competes directly with industry players such as Li-Cycle, Redwood Materials, and Ascend Elements, distinguishing itself as a low-carbon, closed-loop alternative to traditional, emission-heavy pyrometallurgical smelting and chemical-intensive hydrometallurgical processes. The leadership team is led by President and CEO Steve Cotton, a veteran entrepreneur who previously co-founded and led Canara, Inc. (formerly IntelliBatt), a global provider of stationary battery monitoring systems. Supporting him are Chief Engineering and Operating Officer Ben Taecker, who brought over two decades of manufacturing expertise from Clarios (formerly Johnson Controls), and Chief Financial Officer Eric West, a CPA with a background in the mining industry who was promoted to the role in May 2025. The company’s Board of Directors is chaired by Vincent L. DiVito and was recently strengthened by the 2025 appointments of Steve Henderson, a former executive at Dow Chemical and Leggett & Platt, and Eric Gangloff, CEO of Summit Investment Services. Notable strategic backing and commercial validation come from partnerships with 6K Energy and American Battery Factory, which anchor the company’s position within the domestic circular supply chain for critical minerals.