Shares of Aqua Metals, Inc. (NASDAQ:AQMS) climbed about 20% after the sustainable battery metals recycler announced it had entered into a multi-year Material Supply Agreement (MSA) with 6K Energy, a U.S. manufacturer of advanced cathode active materials.
The agreement outlines a framework under which Aqua Metals will supply battery-grade nickel metal and lithium carbonate produced through its proprietary AquaRefining technology. The initial three-year term could translate into tens of millions of dollars per year in battery materials value, depending on qualification milestones, market dynamics and production scale-up.
Under the deal, 6K Energy has the option to purchase Aqua Metals’ output at prices linked to prevailing London Metal Exchange benchmarks. The arrangement assumes that both companies will complete planned expansions of their respective facilities to support the collaboration.
“This agreement represents an important step in Aqua Metals’ transition from technology validation to customer-aligned commercialization,” said Steve Cotton, President and CEO of Aqua Metals. “By establishing a supply framework with a U.S.-based cathode manufacturer, we are aligning our battery-grade nickel and lithium products with downstream manufacturing requirements and building a clear pathway toward commercial integration.”
The companies noted that materials supplied under the MSA are expected to comply with Foreign Entity of Concern requirements, reinforcing efforts to develop a secure, domestic battery materials supply chain.
Aqua Metals said its AquaRefining process delivers an estimated 98% reduction in greenhouse gas emissions compared with conventional hydrometallurgical methods, alongside roughly $1,100 per metric ton in cost savings. The technology operates without hydrogen peroxide or sodium hydroxide and generates no sodium sulfate waste.
The agreement also leaves room for future cooperation, including the potential evaluation of tolling arrangements for lithium-ion battery black mass, supporting Aqua Metals’ longer-term goal of building a feedstock-agnostic refining platform.