Aqua Metals and Westwin Elements Sign LOI for U.S.-Produced Nickel Carbonate Supply
Agreement outlines plans for one of the first domestic sources of battery-grade nickel carbonate
RENO, Nev., Nov. 10, 2025 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS), a pioneer in sustainable battery metals recycling and refining, today announced a non-binding Letter of Intent (LOI) with Westwin Elements, America’s only major nickel refinery, outlining plans for the potential to supply by Aqua Metals up to 1,000 metric tons of recycled nickel carbonate annually to Westwin Elements. At current nickel prices, the contemplated agreement could represent approximately $12 million in annual value under a multi-year arrangement, underscoring rising demand for clean, domestic nickel materials.
The LOI follows successful qualification of Aqua Metals’ nickel carbonate product through Westwin’s testing and approval process. Using its AquaRefining™ technology at the company’s Nevada pilot facility, Aqua Metals produced battery-grade nickel carbonate from lithium-ion battery black mass that met Westwin’s technical performance and economic criteria.
Under the LOI, Aqua Metals and Westwin intend to negotiate definitive terms for the supply of between 500 and 1,000 metric tons of high-purity nickel carbonate annually. While non-binding, the LOI outlines a shared commitment to establishing what could become one of the first sources of domestically produced nickel carbonate to support U.S. industrial and battery manufacturing needs. The targeted commencement of product delivery is calendar year 2027, contingent upon both parties securing the necessary financing and completing the build-out of their respective commercial facilities.
“This collaboration reflects a shared interest in advancing America’s critical minerals independence,” said KaLeigh Long, founder and CEO of Westwin Elements. “Working with Aqua Metals has shown the potential for recycled materials to support domestic nickel production using advanced refining technologies. It’s an encouraging step toward a more sustainable and secure U.S. supply chain.”
“This LOI marks another milestone in building a resilient, circular supply chain for critical minerals,” said Steve Cotton, President & CEO of Aqua Metals. “Our collaboration with Westwin demonstrates the growing commercial readiness of clean recycling technologies and could potentially position Aqua Metals among the first U.S. producers of high-purity nickel carbonate for the domestic market.”
Aqua Metals and Westwin plan to finalize a definitive supply agreement aligned with construction of their respective commercial facilities. Together, these efforts aim to help create what could become one of the first fully domestic nickel supply chains—from recycled feedstock to refined metal—reducing dependence on imports and strengthening U.S. manufacturing resilience.
About Aqua Metals
Aqua Metals (NASDAQ: AQMS) is revolutionizing metals recycling with its proprietary AquaRefining™ technology, delivering high-purity, low-carbon battery materials to meet the growing demand for sustainable energy storage. The Company’s innovation-driven approach reduces emissions, eliminates waste streams, and supports the establishment of a circular supply chain for critical minerals essential to electric vehicles and grid storage. For more information, visit
About Westwin Elements
Westwin Elements is building America’s first major nickel refinery, delivering high-purity Class 1 nickel and specialized nickel products for national security and industrial applications. Westwin is driving critical mineral independence and reshaping the future of sustainable metal refining. Learn more at
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This press release contains forward-looking statements concerning Aqua Metals, Inc. Forward-looking statements include, but are not limited to, our plans, objectives, expectations and intentions and other statements that contain words such as "expects," "contemplates," "anticipates," "plans," "intends," "believes," "estimates," "potential," and variations of such words or similar expressions that convey the uncertainty of future events or outcomes, or that do not relate to historical matters. Those forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially, including, but not limited to, (1) the risk that we may not be able to successfully negotiate and conclude a definitive commercial agreement with Westin Elements, (2) the risk that either Westin Elements or us fail to secure the necessary financing and complete the build-out of our respective commercial facilities, (3) even if we are to conclude a definitive commercial agreement with Westin Elements, the risk that we may not be able to realize the expected benefits of such arrangement; (4) the risk that we may not be able to acquire the funding necessary to maintain our current level of operations; and (5) those risks disclosed in the section "Risk Factors" included in our Annual Report on Form 10-K filed on March 31, 2025. Aqua Metals cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by law.
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FNK IR
646.809.4048
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David Regan
Aqua Metals
415-336-3553
