Aqua Metals signs LOI with Westwin Elements

Aqua Metals (AQMS) announced a non-binding Letter of Intent with Westwin Elements 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.