Aqua Metals Acquires Lion Energy for $50M

Aqua Metals signed a term‑sheet in February to acquire Lion Energy, with the all‑stock deal slated to close in Q2 2026.
Lion Energy adds $50 million revenue and will receive $25.8 million cash at closing plus up to $65 million earn‑out shares to revenue and EBITDA.
The acquisition creates an end‑to‑end battery platform covering manufacturing, deployment, software, VPP services and recycling, positioning Aqua Metals in three high‑growth segments.
Aqua Metals expects deal to add $50 million revenue while the all‑stock structure limits cash outlay, with dilution offset by long‑term value creation.