Aqua Metals Inc. AQMS is a company pioneering a new form of lithium-ion battery recycling. At the core of Aqua Metals' innovation is the AquaRefining process, a sophisticated system that transforms lithium battery ‘black mass’ – the industry term for the composite of shredded battery metals and manufacturing scraps ready to be recycled – into high-purity, reclaimed materials ready to be delivered back into the supply chain.