Aqua Metals partners with Westwin to strengthen U.S. nickel supply chain

Nov 10 (Reuters) - Aqua Metals AQMS.O said on Monday it has signed a non-binding letter of intent with Westwin Elements, the only major U.S. nickel refinery, to supply up to 1,000 metric tons of recycled nickel carbonate a year starting in 2027.

The potential deal, valued at around $12 million annually based on current nickel prices, aims to strengthen domestic production of critical minerals used in batteries and clean energy systems.

The companies are looking build one of the first fully domestic, recycled nickel supply chains, from battery waste to refined metal, as the U.S. pushes to secure clean, homegrown sources of critical materials and cut reliance on imports.

Aqua Metals said the agreement follows successful testing of its battery-grade nickel carbonate made from recycled lithium-ion battery material at its Nevada pilot plant.

Under the LOI, the companies plan to finalize terms for Aqua Metals to supply between 500 and 1,000 metric tons of nickel carbonate a year once both complete their commercial facilities and secure financing.