Aqua Metals Selected as Industrial Partner on DOE-Funded Idaho National Laboratory Program Advancing Critical Minerals Refining

Rhea-AI Summary

Aqua Metals (NASDAQ:AQMS) has been selected as the industrial partner for a DOE-funded Idaho National Laboratory program to advance next-generation battery recycling technologies. The project will test electrochemical alternatives for nickel and cobalt separation, leverage the Tahoe-Reno Innovation Center, and complement the AquaRefining™ platform. The company does not expect a material near-term financial impact.

Positive

• Selected as industrial partner on DOE-funded INL battery recycling program
• Project validates Aqua Metals’ electrochemical approach to critical minerals refining
• Tahoe-Reno Innovation Center supports work across LFP and NMC chemistries
• More than $25 million invested in pilot-scale infrastructure and technology
• Operating pilot facility processes commercial battery-derived materials for real-world data

Negative

• Company does not expect project to materially impact near-term financial results

News Market Reaction – AQMS

-16.31% 39.5x vol

18 alerts

-16.31% Session close to close

+10.2% Peak Tracked

-45.3% Trough Tracked

$11.13M Market Cap

39.5x Rel. Volume

In the Jun 11 session, AQMS declined 16.31%, reflecting a significant negative market reaction. Argus tracked a peak move of +10.2% during that session. Argus tracked a trough of -45.3% from its starting point during tracking. Our momentum scanner triggered 18 alerts that day, indicating notable trading interest and price volatility. Trading volume was exceptionally heavy at 39.5x the daily average, suggesting significant selling pressure.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock dropped -16.3% in the session following this news. A negative reaction despite a strategic...

Analysis

The stock dropped -16.3% in the session following this news. A negative reaction despite a strategically positive DOE-backed partnership would fit a pattern where AQMS has sometimes sold off around otherwise constructive milestones. Recent filings highlight ongoing losses and going-concern language, which can overshadow technology wins. Warrant overhang and the need for additional capital could also amplify downside pressure, even when operational partnerships and pilot progress move in a favorable direction.

Key Figures

Pilot investment: >$25 million Operating hours: 5,000+ hours Manganese sulfate purity: 99.8% purity +5 more

8 metrics

Pilot investment >$25 million Tahoe-Reno Innovation Center infrastructure and development

Operating hours 5,000+ hours Innovation Center pilot operations surpassed this level

Manganese sulfate purity 99.8% purity Independently validated product from pilot operations

Q1 2026 net loss $3.95M Quarter ended March 31, 2026, narrower than $8.32M prior year

Q1 2026 cash $6.82M Cash and cash equivalents as of March 31, 2026

Registered warrant shares 1,133,794 shares Shares underlying resale registration statement warrants

Warrant exercise price $11.34 per share Exercise price for registered warrants expiring October 16, 2030

Short interest 8.68% Reported short interest as share of float

Previous Partnership Reports

2 past events · Latest: Apr 08 (Positive)

Same Type Pattern 2 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 08	Strategic partnership	Positive	+7.7%	Lion Energy–ABF partnership tied to U.S. LFP cell manufacturing expansion.
Feb 03	Strategic collaboration	Positive	+1.0%	Proposed Aqua Metals–ABF collaboration for co-located lithium recycling facility.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Partnership-related announcements have previously coincided with positive single-digit price gains, indicating the market has tended to respond favorably to collaboration news.

Recent Company History

Over recent months, Aqua Metals has emphasized partnerships to advance its battery materials strategy. A February collaboration proposal with American Battery Factory contemplated a co-located recycling facility up to 10,000 metric tons annually. In Apr 2026, a Lion Energy–ABF supply chain partnership linked to Aqua Metals’ pending acquisition plans saw another positive reaction. Today’s DOE-backed INL collaboration extends this pattern of using alliances to build out a domestic circular battery ecosystem.

Key Terms

solvent extraction, lithium iron phosphate (lfp), nickel manganese cobalt (nmc), electrochemical, +4 more

8 terms

solvent extraction technical

"alternatives to conventional solvent extraction for the separation of nickel and cobalt"

Solvent extraction is a chemical separation method that uses a liquid solvent to pull a specific substance out of a mixture, similar to using oil to lift grease from water. Investors care because it affects how efficiently and cheaply a company can isolate valuable materials—like metals, oils, or pharmaceutical compounds—which influences production costs, output quality, environmental permits and the potential for regulatory or disposal liabilities.

lithium iron phosphate (lfp) technical

"versatility of Aqua Metals' technology platform across both lithium iron phosphate (LFP)"

A lithium iron phosphate (LFP) battery is a common type of rechargeable lithium-ion battery that uses iron and phosphate in its internal chemistry, prized for being stable, safe and long-lived. For investors, LFP matters because it trades higher safety and longer life for lower energy density—think of it as a sturdy, long-lasting suitcase that holds less per pound—so it affects product cost, vehicle range and total lifecycle value.

nickel manganese cobalt (nmc) technical

"and nickel manganese cobalt (NMC) battery chemistries"

Nickel manganese cobalt (NMC) is a blend of three metals used as the active material in many lithium‑ion battery cells, with proportions adjusted like a recipe to balance energy capacity, lifespan, safety and cost. It matters to investors because swings in the price, supply or demand for these metals can change battery costs and performance, affecting the competitiveness and profitability of electric vehicle makers, battery producers and raw‑material suppliers.

electrochemical technical

"electrochemically driven alternatives to conventional solvent extraction"

Electrochemical describes processes or devices where chemical reactions and electricity interact — either using electricity to drive a chemical change or using a chemical reaction to produce electrical power. Think of it like a waterwheel that converts flowing water into motion: electrochemical systems convert between chemical energy and electrical energy. Investors care because these principles underpin batteries, sensors and diagnostic tests, affecting product performance, cost, safety and market potential.

critical minerals technical

"advancing critical minerals refining technologies"

Materials needed to build modern technologies—like batteries, electronics, renewable energy systems and defense equipment—that have few easy substitutes and often come from a small number of countries or mines. Investors care because their supply can be disrupted, expensive or slow to increase, which affects the cost, availability and growth prospects of companies and industries that rely on them; think of them as critical spare parts for the global economy.

battery recycling technical

"next-generation battery recycling technologies"

The process of collecting and processing used batteries to recover valuable materials (like lithium, cobalt, nickel) and safely dispose of hazardous parts. For investors, it matters because recycling can lower raw-material costs, reduce supply-chain risk for manufacturers, create new revenue streams, and cut regulatory or cleanup liabilities—think of it as turning worn tools back into raw materials for future production, which can improve margins and lessen exposure to resource shortages or environmental fines.

reagent regeneration technical

"patented electrochemical reagent regeneration and process integration"

Reagent regeneration is the process of restoring chemical or biological materials used in laboratory tests or diagnostic machines so they can be reused or returned to working condition. For investors, it matters because successful regeneration reduces the cost per test, increases throughput and equipment uptime, and cuts waste—similar to refurbishing a part instead of buying a new one—which can improve margins, pricing flexibility and recurring revenue potential while still needing appropriate quality controls.

aquarefining technical

"AquaRefining™ platform, which utilizes patented electrochemical reagent regeneration"

Aquarefining is a water-based electrochemical method for extracting and purifying metals from scrap or spent products, using solutions and electrical currents instead of high-heat smelting. For investors it matters because it can cut energy use and emissions, lower regulatory and cleanup costs, and change capital and operating expense profiles for recycling or metals production—similar to swapping a wood-burning oven for an electric appliance that runs cleaner and often cheaper over time.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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RENO, Nev., June 11, 2026 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ: AQMS), a pioneer in sustainable critical minerals recovery and lithium battery recycling, today announced that it has been selected as the industrial partner on a U.S. Department of Energy (DOE)-funded research program led by Idaho National Laboratory (INL) focused on advancing next-generation battery recycling technologies.

The project will evaluate electrochemically driven alternatives to conventional solvent extraction for the separation of nickel and cobalt from lithium-ion battery recycling streams, supporting the development of more efficient and economically competitive domestic critical minerals refining technologies.

Aqua Metals will contribute its battery recycling expertise, pilot-scale operating experience, and Tahoe-Reno Innovation Center infrastructure to support the program. The collaboration strengthens Aqua Metals' relationship with the Department of Energy and one of the nation's leading energy research laboratories while reinforcing the Company's position as a technology leader in electrified battery materials refining.

The project also highlights the versatility of Aqua Metals' technology platform across both lithium iron phosphate (LFP) and nickel manganese cobalt (NMC) battery chemistries, reinforcing the Company's ability to adapt to evolving battery markets and feedstock streams.

"This collaboration demonstrates the continued strategic value of Aqua Metals' investments in next-generation battery recycling technologies," said Steve Cotton, President and CEO of Aqua Metals. "Our Tahoe-Reno Innovation Center and demonstration plant provide a unique platform capable of processing real battery-derived materials and generating commercial-scale operating data that bridges the gap between laboratory research and industrial deployment. We believe the future of domestic critical minerals refining lies in electrified processes that lower operating costs, reduce chemical consumption, and create a more resilient North American battery supply chain, and this collaboration further supports that long-term vision."

Traditional battery recycling and critical minerals refining rely heavily on sulfuric acid, sodium hydroxide, hydrogen peroxide, solvent extraction reagents, and other consumable chemicals. Aqua Metals' long-term technology strategy is to electrify battery materials refining wherever practical by replacing recurring chemical consumption with electrochemical process integration and reagent regeneration technologies. The Company believes domestic critical minerals refining will only achieve long-term competitiveness if U.S. operators can fundamentally reduce operating costs while reducing dependence on imported chemical supply chains and conventional refining reagents.

The DOE-funded INL project complements Aqua Metals' existing AquaRefining™ platform, which utilizes patented electrochemical reagent regeneration and process integration to reduce the consumption of conventional refining chemicals. AquaRefining™ has been demonstrated at pilot scale on multiple battery chemistries using real battery-derived feedstocks.

Aqua Metals' Tahoe-Reno Innovation Center remains central to this work. The Company has invested more than $25 million in pilot infrastructure, engineering, technology development, and operating experience, creating one of the industry's few operating battery recycling pilot facilities capable of processing commercial battery-derived materials and generating real-world process data. The facility supports both Aqua Metals’ near-term commercialization initiatives and the advancement of next-generation battery recycling technologies.

The DOE-funded research program reflects continued federal investment in next-generation battery recycling and critical minerals refining technologies. Aqua Metals’ participation highlights the strategic value of the Company’s pilot-scale infrastructure and technical expertise in supporting the advancement of domestic refining capabilities. The Company does not expect the project to have a material impact on its near-term financial results.

About Aqua Metals

Aqua Metals (NASDAQ: AQMS) is focused on developing and commercializing sustainable lithium battery recycling and critical minerals recovery technologies designed to support a cleaner energy future. The Company’s proprietary hydrometallurgical process platform is designed to recover critical battery materials with lower emissions, reduced waste generation, and lower environmental impact compared to conventional recycling and refining methods.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements regarding the DOE funded research program led by the INL, Aqua Metals' long-term technology strategy is to electrify battery materials refining, Aqua Metals relationships with the DOE and INL, future operations, expansion opportunities, utility availability, feedstock access, phased development plans, hydrometallurgical refining capabilities, and market opportunities related to critical minerals, energy storage, and advanced manufacturing infrastructure. Actual results may differ materially due to risks and uncertainties including, but not limited to, the Company’s inability to realize the expected benefits of the DOE funded research program, the Company’s inability to validate technologies at commercial scale, and other risks detailed in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2026 and subsequent filings with the SEC. Aqua Metals undertakes no obligation to update forward-looking statements except as required by law.

Contacts

For Media and Investor Inquiries: aquametals@icrinc.com

FAQ

What did Aqua Metals (NASDAQ:AQMS) announce on June 11, 2026?

Aqua Metals announced its selection as the industrial partner for a DOE-funded Idaho National Laboratory battery recycling program. According to Aqua Metals, the project targets next-generation electrochemical processes for critical minerals refining using its Tahoe-Reno Innovation Center and AquaRefining™ platform.

What is the DOE-funded Idaho National Laboratory program involving Aqua Metals (AQMS)?

The DOE-funded INL program will evaluate electrochemically driven alternatives to conventional solvent extraction for nickel and cobalt separation. According to Aqua Metals, the research aims to support more efficient, economically competitive domestic critical minerals refining and strengthen North American battery supply chains.

How will Aqua Metals’ Tahoe-Reno Innovation Center support the DOE-INL project for AQMS?

Aqua Metals will use its Tahoe-Reno Innovation Center and demonstration plant to process real battery-derived materials. According to Aqua Metals, the facility generates commercial-scale operating data, helping bridge the gap between laboratory research and industrial deployment for next-generation battery recycling technologies.

What is AquaRefining™ and how does it relate to the new DOE project for Aqua Metals (AQMS)?

AquaRefining™ is Aqua Metals’ electrochemical platform that regenerates reagents and reduces conventional refining chemical consumption. According to Aqua Metals, the DOE-funded INL project complements AquaRefining™, which has been demonstrated at pilot scale on multiple lithium-ion battery chemistries using real battery-derived feedstocks.

Will the DOE-funded INL collaboration materially affect Aqua Metals’ (AQMS) near-term financial results?

The company does not expect the DOE-funded INL project to materially impact near-term financial results. According to Aqua Metals, the collaboration is strategically focused on technology validation and supporting domestic critical minerals refining rather than immediate revenue or earnings contribution.

How much has Aqua Metals (AQMS) invested in its Tahoe-Reno Innovation Center for battery recycling?

Aqua Metals reports investing more than $25 million in its Tahoe-Reno Innovation Center. According to Aqua Metals, this spending covers pilot infrastructure, engineering, technology development, and operating experience to create a pilot facility processing commercial battery-derived materials and generating real-world process data.

How does the DOE-INL partnership support Aqua Metals’ (AQMS) position in critical minerals refining?

The partnership reinforces Aqua Metals’ role as a technology-focused player in electrified battery materials refining. According to Aqua Metals, participation in the DOE-funded INL program highlights the strategic value of its pilot-scale infrastructure and expertise in advancing domestic critical minerals refining capabilities.