Aqua Metals (AQMS) said Thursday it has been selected as the industrial partner in a US Department of Energy-funded research program led by Idaho National Laboratory to advance next-generation battery recycling technologies.

The project will evaluate electrochemically driven alternatives for separating nickel and cobalt from lithium-ion battery recycling streams, aiming to advance more efficient and cost-competitive domestic critical minerals refining technologies, the company said.

Aqua Metals said it will provide access to its Tahoe-Reno Innovation Center infrastructure to support the program, and that it does not expect the project to have a material impact on its near-term financial results.

Shares of Aqua Metals were down more than 7% in early Thursday trading.

Price: 3.07, Change: -0.26, Percent Change: -7.67