Renewable Metals Secures $8.6 Million for Battery Recycling Technology
Renewable Metals, an Australia-based battery recycling firm, has raised A$12 million (~$8.6 million) in an oversubscribed Series A funding round. This funding aims to enhance the company's innovative lithium-ion battery recycling process, which boasts over 95% recovery rates of critical minerals, thereby supporting local supply chains and reducing reliance on offshore processing.
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Renewable Metals has completed a Series A funding round, raising A$12 million (~$8.6 million), increasing total funding to over A$38 million since its inception. The funding will support continuous operations at its prototype plant in Kewdale, Western Australia, expected to start full operations by mid-2026, with an initial capacity of 960 tons per annum, ramping up to 2,000 tons per annum.
The company utilizes an alkali-based hydrometallurgical process to recover lithium, cobalt, nickel, copper, and manganese, achieving >95% recovery rates. It can process multiple battery chemistries without pre-sorting, which simplifies operations and reduces costs.
The funding will also accelerate the Front End Engineering and Design (FEED) study for its first commercial facility in New South Wales and expand its technical team. Renewable Metals aims to establish a scalable solution for battery recycling, reducing environmental impact and enhancing local mineral recovery capabilities.
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