Aqua Metals, Inc.

Aqua Metals, Inc.

Aqua Metals, Inc. was founded in 2014 and is headquartered in Reno, Nevada. The company develops and commercializes its AquaRefining technology, a modular, room-temperature electrochemical process designed to recycle lead from spent lead-acid batteries with lower emissions and energy use than conventional smelting. The firm operates as a public technology company rather than a traditional investor or family office. Aqua Metals deploys capital toward building and scaling its recycling facilities, with a focus on the North American market. The company has disclosed partnerships with entities such as the Department of Energy and the Battery Council International to advance its recycling technology. Its business model involves licensing its technology to third-party recyclers or operating its own recycling plants. Asset classes include industrial real estate, manufacturing equipment, and intellectual property. The firm reported a market capitalization of approximately $20 million as of mid-2024, with no publicly disclosed AUM or deployment figures typical of an asset manager. Its public listing on the Nasdaq (ticker: AQMS) provides transparency in financial filings but does not indicate a fund management structure. The company maintains a single headquarters in Reno, Nevada, with additional operations limited to its recycling pilot plant. Aqua Metals' structural differentiator is its focus on proprietary clean technology within a heavily regulated industry, rather than operating as a financial allocator or family office. The company relies on equity and capital markets financing rather than investment partnerships, making it distinct from investment vehicles typically covered by Altss.