AF energy storage company Lion Energy agrees to be acquired by Reno firm

American Fork-based Lion Energy LLC, a producer of portable lithium-based commercial and residential energy storage systems, has signed a term sheet agreeing to be acquired by Aqua Metals Inc. of Reno, Nevada. 

Aqua Metals specializes in sustainable lithium-ion battery recycling, using its patented, low-emission AquaRefing technology to recover materials like cobalt, nickel and lithium hydroxide.

Following the closing of the transaction, Aqua Metals plans to leverage Lion Energy’s solutions, brand, intellectual property, capital, technical talent and manufacturing capabilities to transform Aqua Metals into a comprehensive domestic power player capable of managing the entire battery lifecycle, from manufacturing and deployment to intelligent grid participation and end-of-life recovery, the company said in a release.

“This transaction is intended to add meaningful revenue to Aqua Metals while expanding our participation in the rapidly growing energy storage market,” said Steve Cotton, president and CEO of Aqua Metals. “Energy storage is a natural extension of our battery materials strategy, and Lion Energy has built a complementary platform that spans systems, software and customer relationships. Together, we believe this combination would strengthen our path toward a more vertically integrated, U.S.-based battery supply chain and supports our long-term vision for a robust domestic battery materials industry led by our new combined entity.”

Founded in 2014, Lion Energy has built a growing presence in the U.S. energy storage market through the deployment of software-enabled residential and commercial energy systems. Lion has advanced its business from delivering portable power stations and power banks and into more robust energy storage systems and software for home, commercial and industrial applications. Lion achieved approximately $50 million in revenue in 2025.

As contemplated by the term sheet, Aqua Metals would acquire Lion Energy through an all-stock transaction that preserves executive and board control of the combined company. At the closing, Lion Energy owners would receive approximately $25.8 million of Aqua Metals capital stock. It is anticipated that the Lion Energy executive and management team will remain in place.

As part of the transaction, Aqua Metals would also acquire Lion Energy’s minority ownership interest in American Battery Factory, an American Fork-based company focused on advancing domestic battery materials and manufacturing capabilities.

“From the beginning, Lion Energy has focused on building more than batteries,” said Tyler Hortin, CEO of Lion Energy. “We have invested heavily in a U.S.-based energy management platform combining software, firmware, hardware and cloud connectivity designed to give customers intelligent control over their energy systems. This transaction could accelerate that vision; our energy management systems and virtual power plant capabilities; and help extend our platform across portable, residential, commercial and grid-connected applications.”