Perth-based lithium battery recycling company Renewable Metals has added $8.1 million (USD 5.47 million) to its coffers in an oversubscribed extension of its seed capital raise, less than 12 months after raising $8 million.
Renewable Metals said the new funds will accelerate the scale-up of its alkali-based recycling technology that it claims can recover from end-of-life lithium-ion batteries more than 95% of the valuable materials including lithium, nickel, cobalt, copper, manganese and graphite.
The company said its approach eliminates the need to pre-process to black mass (crushed battery cells), simplifies the extraction process, and reduces processing costs by up to 30% compared to competitors. The technology can recycle the full range of lithium battery chemistries, including lower value lithium-iron phosphate.
According to CSIRO, the rate of lithium-ion battery waste in Australia is increasing at a rate of 20% a year, with projections this waste could surpass 100,000 tonnes by 2036. In addition, approximately 264 million alkaline batteries reach their end of life each year. CSIRO said only 2% of lithium-ion batteries, and 5% of alkaline batteries, are recycled.
The latest funds raised by Renewable Metals will be invested to increase the scale of its demonstration plant, to be built and operated by the Western Australian company at British recycling giant European Metal Recycling’s (EMR) Birmingham site in the United Kingdom.
Renewable Metals Chief Executive Officer Luan Atkinson said the facility, that is set to launch by mid-2025, will not only further validate the company’s groundbreaking technology at a larger scale but also lay the foundation for commercial-scale operations.
“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,” she said.
The latest funding round attracted support from existing investors including the Clean Energy Finance Corporation (CEFC), United States-based the Grantham Foundation for the Protection of the Environment, and Asia Pacific-focused venture capital firm Investible through its Climate Tech Fund.
Investible Climate Tech Investment Manager Ben Lindsay said he continued to be impressed by Renewable Metals’ clear vision and consistent execution.
“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,” he said.
“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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