Aqua Metals and Westwin Elements Sign LOI for U.S.-Produced Nickel Carbonate Supply
Aqua Metals (NASDAQ: AQMS) signed a non-binding Letter of Intent with Westwin Elements to potentially supply 500–1,000 metric tons of recycled, battery-grade nickel carbonate annually, targeting U.S. domestic production.
The LOI follows product qualification and estimates approximately $12 million annual value at current nickel prices under a multi-year arrangement. Targeted delivery start is calendar year 2027, contingent on financing and commercial facility build-outs for both parties.
Aqua Metals (NASDAQ: AQMS) ha firmato una Lettera d'Intenti non vincolante con Westwin Elements per potenzialmente fornire 500–1.000 tonnellate metriche all'anno di carbonato di nichel riciclato, di grado batteria, con l'obiettivo della produzione domestica statunitense.
La LOI segue la qualificazione del prodotto e stima un valore annuo di circa $12 milioni al prezzo attuale del nichel, nell'ambito di un accordo pluriennale. L'inizio della consegna è previsto per l'anno solare 2027, soggetto a finanziamenti e alla realizzazione di impianti commerciali per entrambe le parti.
Aqua Metals (NASDAQ: AQMS) firmó una Carta de Intención no vinculante con Westwin Elements para potencialmente suministrar 500–1.000 toneladas métricas anuales de carbonato de níquel reciclado, de grado batería, con miras a la producción doméstica en EE. UU.
La LOI sigue a la calificación del producto y estima aproximadamente un valor anual de $12 millones a los precios actuales del níquel bajo un acuerdo plurianual. Se prevé que el inicio de las entregas sea el año calendario 2027, sujeto a financiamiento y a la construcción de instalaciones comerciales por ambas partes.
Aqua Metals (NASDAQ: AQMS)는 Westwin Elements와 구속력 없는 의향서(Non-binding LOI)를 체결하여 연간 500–1,000 미터톤의 재활용 배터리급 니켈 카보네이트를 미국 내 생산을 목표로 공급할 가능성이 있습니다.
LOI는 제품 자격 취득에 따른 것이며, 현재 니켈 가격에서 다년 계약 하에 연간 약 $12백만의 가치를 추정합니다. 시작 시점은 2027년으로 예정되어 있으며, 이는 양측의 재정 조달 및 상업적 시설 건설에 달려 있습니다.
Aqua Metals (NASDAQ: AQMS) a signé une lettre d'intention non contraignante avec Westwin Elements afin de potentiellement fournir 500–1 000 tonnes métriques par an de carbonate de nickel recyclé, de qualité batterie, en vue d'une production domestique aux États-Unis.
La LOI suit la qualification du produit et estime une valeur annuelle d'environ 12 millions de dollars au prix actuel du nickel dans le cadre d'un accord pluriannuel. Le démarrage prévu des livraisons est l'année civile 2027, sous réserve de financement et de la mise en place d'installations commerciales pour les deux parties.
Aqua Metals (NASDAQ: AQMS) hat eine unverbindliche Absichtserklärung (Letter of Intent, LOI) mit Westwin Elements unterzeichnet, um potenziell 500–1.000 metrische Tonnen recycelten, batteriegerechten Nickelcarbonat pro Jahr zu liefern, mit Schwerpunkt auf der US-Inlandsproduktion.
Die LOI folgt der Produktqualifikation und schätzt bei aktuellen Nickelpreisen einen jährlichen Wert von ca. $12 Millionen im Rahmen einer mehrjährigen Vereinbarung. Der angestrebte Lieferbeginn ist das Kalenderjahr 2027, vorbehaltlich der Finanzierung und des Aufbaus kommerzieller Anlagen für beide Parteien.
Aqua Metals (NASDAQ: AQMS) وقّعت خطاب نوايا غير ملزم مع Westwin Elements لإمكانية تزويد 500–1,000 طن متري من كربونات Ni المعاد تدويرها، من فئة البطارية، سنويًا، بهدف الإنتاج المحلي في الولايات المتحدة.
يتبع خطاب النوايا تأهيل المنتج ويقدّر قيمة سنوية تقارب $12 مليون ضمن ترتيب طويل الأجل. من المتوقع بدء التسليم في السنة التقويمية 2027، وذلك رهناً بالتمويل وبناء مرافق تجارية لكلا الطرفين.
- Qualified battery-grade nickel carbonate through Westwin testing
- Potential supply of up to 1,000 metric tons annually
- Estimated ~$12 million annual value at current prices
- Targeted commercial deliveries beginning 2027
- Agreement is non-binding and requires definitive contracts
- Deliveries contingent on securing financing for both parties
- Commercial production dependent on completing facility build-outs
Insights
LOI could create a small but meaningful domestic nickel carbonate source if converted to a firm, financed supply deal.
Aqua Metals and Westwin Elements plan a non‑binding supply framework for roughly 500–1,000 metric tons annually, which the release values at about
The outcome depends on concrete execution steps. Both parties must secure financing and complete commercial facility build‑outs, and the LOI is non‑binding, so commercial, permit, financing, or scale issues could prevent delivery. Technical qualification passed initial testing, but scaling from a Nevada pilot to commercial volumes carries typical engineering, timing, and cost risks.
Watch for three milestone items: final definitive supply agreement, financing closings, and the start of deliveries targeted for
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
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 www.aquametals.com
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 www.westwinelements.com
Aqua Metals Social Media
Aqua Metals has used, and intends to continue using, its investor relations website (https://ir.aquametals.com), in addition to its X, Threads, LinkedIn and YouTube accounts at https://x.com/AquaMetalsInc (@AquaMetalsInc), https://www.threads.net/@aquametalsinc (@aquametalsinc), https://www.linkedin.com/company/aqua-metals-limited and https://www.youtube.com/@AquaMetals respectively, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Safe Harbor
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.
Contact Information
Investor Relations
Rob Fink
FNK IR
646.809.4048
aqms@fnkir.com
Media
David Regan
Aqua Metals
415-336-3553
david.regan@aquametals.com
FAQ
What did Aqua Metals (AQMS) and Westwin announce on November 10, 2025?
How much annual revenue could the AQMS–Westwin supply represent?
When could Aqua Metals (AQMS) begin delivering nickel carbonate under the agreement?
Has Aqua Metals’ nickel carbonate been qualified by Westwin?
Is the LOI a binding supply contract for AQMS shareholders?
What are the main contingencies for the AQMS–Westwin agreement to proceed?
