Renewable Metals secures $8.1 million in seed extension round

Western Australian startup Renewable Metals has raised an extra $8.1 million in a seed extension round for its battery recycling solution.

This more than doubles the round, which began with an $8 million investment in 2023. This was led by Investible through its Climate Tech Fund and The Clean Energy Finance Corporation via Virescent Ventures.

It also saw participation from the Grantham Foundation for the Protection of the Environment.

The funds from that segment of the round were earmarked to expand the team, establish a pilot plant in Perth, and begin constructing the larger demonstration facility.

Renewable Metals has developed an alkali-based recycling process that recovers critical minerals from end-of-life lithium-ion batteries.

According to the company, its technology offers a more sustainable approach to recycling – recovering valuable materials such as nickel, copper, cobalt, lithium and manganese.

It also eliminates sodium sulfate, a byproduct typically generated in conventional processes, and can handle a full range of lithium battery types.

The oversubscribed round will go towards its R&D and growth plans. This includes plans to build and operate a demonstration-scale lithium battery refining plant. It will be located at the UK site of European Metal Recycling (EMR) – the country’s largest end-of-life recycler.

The plant is set to be operational by mid-2025 and will be ten times the size of what Renewable Metals envisioned during the initial seed round.

“The continued support from investors is a strong endorsement of the company’s vision and progress,” Luan Atkinson, CEO of Renewable Metals, said.

“Getting into production at a much larger scale allows us to significantly derisk as we move to the next-stage commercial plant, which has already been generating strong interest from battery manufacturers, recycling companies, and other industry participants.”

Renewable Metals also says it offers a 30% cost advantage over competitors. The company’s process simplifies the extraction of valuable materials from batteries without creating secondary waste, which is a common issue with other recycling methods.

“We continue to be impressed by Renewable Metals’ clear vision and consistent execution,” Ben Lindsay, investment manager at Investible Climate Tech, said.

“As the broader recycling market evolves, it’s becoming increasingly evident that Renewable Metals’ novel technology and unique growth strategy position the company exceptionally well to become a major global player in the years ahead.

“We are proud to support their journey and look forward to seeing the impact of their work as the world continues to electrify.”

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