Aqua Metals Plugs $13M Funding, MOU and DOE Grant Amid 41% Stock Slide

Introduction

Aqua Metals, Inc. (NASDAQ: AQMS) is a Reno, Nevada–based recycler of lead-acid and lithium-ion batteries. Founded in 2013, the company employs a water-based hydrometallurgical process, AquaRefining™, to recover ultra-pure metals in a closed-loop system. On October 15, 2025, shares closed at $17.50, reflecting a 40.92% decline over the prior period, with trading volume of 1,679,568 on the NASDAQ.

Corporate Structure and Leadership

With 51–200 employees, Aqua Metals develops, licenses, and supplies modular “Aqualyzer” units that operate at room temperature and minimize emissions compared with traditional smelting. Steve Cotton serves as President and CEO; he joined the board in January 2019 after having previously led Data Power Monitoring (now Canara). Chief Engineering and Operating Officer Ben Taecker, hired in January 2017, brings two decades of process-engineering experience from Clarios (formerly Johnson Controls) and U.S. military design projects.

Battery Recycling by John Cameron

Developments and News

On October 15, 2025, Aqua Metals raised $13 million from an institutional investor to support commercialization and strategic growth. In September 2025, the company regained compliance with the Nasdaq Minimum Bid Price Requirement on September 8 and signed a memorandum of understanding with Impossible Metals on September 16 to advance a domestic critical minerals supply chain. On September 25, 2025, Aqua Metals participated in The Battery Show North America, where its VP of Commercial discussed critical minerals and trade policy. Earlier, a non-binding term sheet was signed on May 15, 2025, establishing a $33 million credit facility to complete Phase I of the Sierra AquaRefining Campus. Aqua Metals also joined a consortium led by Penn State University under a $4.99 million U.S. Department of Energy grant to develop a fully domestic supply chain for critical minerals used in electric vehicles and renewable energy systems.

Financial and Strategic Analysis

Aqua Metals reported a net loss of $27.7 million for the trailing twelve months, with a diluted EPS of –$35.48. As of the most recent quarter, cash and equivalents stood at $1.93 million, with total debt representing 11.59% of equity. The company’s market capitalization was approximately $37.9 million, and its beta over the past five years is 0.40, indicating a lower correlation with broader market fluctuations.
The recent $13 million investment and the $33 million credit facility are intended to fund the commercial rollout of AquaRefining units in Taiwan and other regions. The Department of Energy grant enhances Aqua Metals’ role in the domestic battery-recycling ecosystem, while the MOU with Impossible Metals focuses on critical minerals sourcing amid global supply chain shifts.

Market Position and Industry Context

Aqua Metals operates in the renewable energy semiconductor manufacturing and battery recycling sectors. Its AquaRefining technology is the only commercially proven, closed-loop, water-based process capable of producing ultra-pure metals without furnace emissions. Industry demand for sustainable recycling solutions is increasing alongside electric vehicle adoption; Aqua Metals’ model of equipment supply, services, and licensing positions it to serve established recyclers and battery manufacturers seeking lower-carbon inputs. Competition includes traditional smelting facilities and emerging hydrometallurgical startups; however, Aqua Metals’ operational plants in Taiwan and the planned Sierra campus provide it with competitive advantages in key markets.

TL;DR

On October 15, 2025, Aqua Metals’ stock closed at $17.50 (-40.92%), following a $13 million investment from an institutional investor to support commercialization. In September, the company regained Nasdaq compliance, signed an MOU with Impossible Metals, and showcased its battery-recycling technology at The Battery Show North America. A $33 million credit facility established in May and a $4.99 million Department of Energy grant position Aqua Metals to advance its AquaRefining process domestically and internationally. Upcoming milestones include the earnings release on November 13, 2025, and deployment of new Aqualyzer modules.