Aqua Metals has agreed a term sheet to acquire Lion Energy, a US-based supplier of energy storage systems and proprietary energy management software. The move would bring together storage products, software, recycling and battery materials under one integrated platform.
The company intends to use LionEnergy’s technology, brand and manufacturing capabilities to evolve into a full‑spectrum domestic power provider, covering the entire battery lifecycle from deployment to end‑of‑life recovery. According to Aqua Metals CEO Steve Cotton, “This transaction is intended to add meaningful revenue to Aqua Metals while expanding our participation in the rapidly growing energy storage market.”
Lion Energy generated around $50 million in revenue in 2025 and has built a strong position in residential, commercial and distributed energy storage. Its software suite – covering firmware, cloud connectivity, mobile apps and wireless updates – enables real‑time optimisation of energy assets, supporting applications such as demand response and virtual power plants.
The acquisition would also give Aqua Metals Lion’s minority stake in American Battery Factory, reinforcing links between domestic battery manufacturing and sustainable recycling. With US battery storage capacity rising rapidly, the combined business aims to capitalise on growing demand driven by electrification, AI data centres and decentralised power.
Lion Energy is expected to operate as a wholly owned subsidiary after completion, with its leadership team remaining in place. CEO Tyler Hortin said, “From the beginning, Lion Energy has focused on building more than batteries… We believe the companies’ platforms are complimentary across the battery lifecycle.”
The transaction is targeted for completion in the second quarter of 2026, subject to final agreements and approvals.
Image: Lion Energy’s Adventure lithium-ion battery. Credit: Lion Energy
