Renewable Metals, a recycling innovation startup, has closed an $8 million capital increase driven by funding firm Investible and the Clean Energy Finance Corporation to scale and market its lithium-ion battery reusing technique.
The funding round was driven by Asia Pacific-focused investment firm Investible through its Climate Tech Fund and the Clean Energy Finance Corporation (CEFC) through Virescent Ventures, with help from US-based venture investor backer the Grantham Foundation for the Protection of the Environment.
Renewable Metals CEO, Luan Atkinson, said, “To carbonise quickly, the world needs cost-effective recycling solutions that maximise recovery for all types of lithium batteries (not just higher value ones with nickel and cobalt).”
As per Atkinson’s company, it can recover materials from batteries including lithium, nickel, cobalt, copper and manganese and can be applied to various battery chemistries, including hard-to-recycle lithium iron phosphate (LFP) batteries, which are progressively utilised in electric vehicles.
“We’re thrilled to be backed by the CEFC, [the Grantham Foundation for the Protection of the Environment] and Investible. Their support will accelerate our scale-up and help create 2-3x more value than the current Australian practice of exporting batteries or black mass for recycling overseas,” Atkinson added.
Virescent, which made a $2.5 million investment in the CEFC, said that the increasing electrification of transport and sustainable energy generation was likewise expanding the requirement for new reusing arrangements.
“Battery recycling that extracts valuable metals and materials is an important part of building Australia’s circular economy as demand for batteries grows.
“By developing end-of-life battery systems, Australia can participate across the battery value chain, from critical minerals’ extraction, refining, processing operation and maintenance and the eventual repurposing and recycling of batteries and components,” said Virescent Partner Blair Pritchard.