Lithium-ion battery recycling expertise startup Renewable Metals has raised $12 million in a Sequence A.
The spherical was led by current investor the Clear Power Finance Company, supported by the Uncared for Local weather Alternatives, European Metallic Recycling (the UK’s largest end-of-life recycler), and influence VC Investible, in addition to Local weather Tech Companions.
Renewable Metals beforehand raised $16.1 million in a Seed spherical in two tranches – $8.1m in September 2024 lower than 12 months after previously raising $8m.
The brand new capital will help an illustration plant in Kewdale, Western Australia that’s about to come back on-line , and recycle as much as 2,000 tonnes of batteries (about 4000 EVs) yearly. One other business plant can be on the drafting board for the Hunter area, north of Sydney.
Renewable Metals has developed a patented hydro-metallurgical course of that may obtain over 95% restoration of lithium, cobalt, nickel, copper and manganese from li-ion batteries. It additionally works for Lithium Iron Phosphate (LFP) batteries. The method, in modular vegetation, has the flexibility to extract vital minerals in the identical course of line, mixed at as much as half the price of current processes.
Sovereign functionality
Chairman Peter Beaven stated China is world chief in li-ion battery recycling processor, with Western markets reliant on exporting supplies offshore for processing.
“Renewable Metals is constructing a platform that may compete with main Chinese language recyclers at scale, whereas enabling full onshore restoration of vital minerals in Western price environments and past,” he stated.
“That’s vital to constructing resilient provide chains and decreasing dependence on offshore processing as demand accelerates.”
Local weather Tech Companions cofounder Patrick Sieb stated battery recycling is turning into a vital geopolitical functionality.
“It’s anticipated that the EU, US and Australian governments will introduce recycled content material mandates and limit the export of battery waste. Renewable Metals’ expertise and modular business vegetation can scale into these markets and safe vital minerals provide domestically,” he stated.
“There’s a clear world race to develop this expertise as provide chains turn out to be reliant on vital minerals.
“A value and environmentally efficient recycling answer is welcomed as a variety of our company companions already must cope with faulty or broken batteries and are actively planning for end-of-life batteries of their portfolios.”
