Aqua Metals signs term sheet to acquire Lion Energy for up to $94.9M

Aqua Metals, Inc.

Lion Energy generated ~$50M revenue in 2025; acquisition adds immediate scale to Aqua Metals.
Total consideration up to $94.9M: $4.1M cash/other, $25.8M stock, up to $65M earn-out on revenue/EBITDA.
Post-close board: 3 existing Aqua independent directors, CEO Steve Cotton, and Lion Energy majority owner.
Transaction expected to close in Q2 2026, subject to due diligence, shareholder approval, and $25M credit facility.
Aqua also acquires Lion's minority stake in American Battery Factory, linking manufacturing and recycling.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Aqua Metals, Inc. entered into Term Sheet with Lion Energy, LLC and certain members of Lion Energy valued at not exceed $94.9 million (effective 2026-02-06).

Action: entry
Agreement: merger
Counterparty: Lion Energy, LLC and certain members of Lion Energy
Value: not exceed $94.9 million
Effective: 2026-02-06

Exact text from the filing

On February 6, 2026, Aqua Metals, Inc., a Delaware corporation (the “Company” or “Aqua Metals”), entered into a term sheet (the “Term Sheet”) with Lion Energy, LLC, a Utah limited liability company (“Lion Energy”), and certain members of Lion Energy (the “Members”), as amended and restated on February 10, 2026, setting forth certain terms and conditions pursuant to which the Company intends to acquire all of the issued and outstanding equity interests of Lion Energy

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Aqua Metals, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-26-003828

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