Aqua Metals Acquires Lion Energy

Aqua Metals signed a term sheet in February to acquire Lion Energy, with the transaction expected to close in Q2 2026.
The all‑stock deal gives Lion owners $25.8 million cash at closing plus up to $65 million earn‑out shares tied to revenue and EBITDA.
Lion Energy adds about $50 million revenue, bringing hardware, software and services to Aqua Metals’ recycling for a full battery lifecycle.
CEO Steve Cotton says vertical integration enables VPP, AI‑driven grid services and material recovery, creating multiple high‑margin revenue streams.