Reno Battery Recycler Aqua Metals Expands with Major Funding Push

Aqua Metals, headquartered in Reno, secured up to $50 million in debt financing through zero coupon Senior Secured Convertible Notes in August 2023, fueling the company's push into commercial-scale battery material operations. The institutional investment marked a competitive selection process among Nevada tech firms seeking to capitalize on the nation's growing demand for sustainable battery manufacturing capacity, particularly as electric vehicle adoption accelerates across the country. The company has leveraged this capital to pursue an ambitious expansion strategy centered on lithium battery recycling. Aqua Metals' Reno facility currently operates pilot operations at the Technology Research and Innovation campus, with plans to expand to 10,000 tonnes-per-year capacity—equivalent to processing 100,000 electric vehicle batteries annually—through phased development. The company's proprietary Li AquaRefining process recovers valuable metals from spent lithium-ion batteries and manufacturing waste using a closed-loop system that minimizes environmental impact. In October 2023, Aqua Metals announced a landmark strategic partnership with 6K Energy to build the nation's first fully integrated circular supply chain for battery manufacturing. Under the memorandum of understanding, the two companies plan a joint venture to co-locate a full-scale lithium battery recycling facility operated by Aqua Metals with 6K Energy's PlusCAM cathode manufacturing plant. The arrangement includes a supply agreement for recycled materials to meet the critical mineral needs of 6K Energy's 13,000 tonnes-per-year production capacity, eliminating tens of thousands of tons of carbon pollution and waste from the battery supply chain annually. Most recently, Aqua Metals moved to solidify its position as an integrated battery lifecycle company through its acquisition of Lion Energy, a U.S. energy storage and software firm. Targeting completion in Q2 2026, the all-stock transaction values Lion Energy at approximately $25.8 million at closing, with up to $65 million in additional stock contingent on post-closing revenue and EBITDA performance. Lion Energy generated approximately $50 million in revenue in 2025 and brings AI-driven software optimization capabilities critical for grid-connected energy systems and data center applications. The convergence of these developments positions Reno as a critical node in America's domestic battery supply chain, transforming Nevada from a mining-dependent economy into a hub for sustainable battery material innovation and manufacturing. As federal policy increasingly prioritizes domestic sourcing of critical minerals and electric vehicle production, Aqua Metals' expansion reflects the state's emerging role in the clean energy economy.