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.

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