CEFC congratulates Renewable Metals on $8.1 million capital raise

The CEFC congratulates Renewable Metals on its $8.1 million seed extension capital raise to further develop its technology to recycle the full range of lithium battery chemistries. The CEFC was an early-stage investor in Renewable Metals, and this most recent raise brings the total CEFC commitment to $3.6 million.

Renewable Metals media release:

Renewable Metals raises A$8.1 million seed extension to accelerate the scale-up of its pioneering battery recycling technology

3 September 2024

• Recent deal with European Metal Recycling (EMR), UK’s largest end-of-life recycler, sees next stage demonstration scale lithium battery refining plant built and operated by Renewable Metals at EMR’s UK site by mid-2025.
• Demonstration plant is 10x the size contemplated in last year’s seed round.
• Renewable Metals has successfully closed an A$8.1M seed extension to stand up the plant and accelerate scale-up of its game-changing technology.

Renewable Metals has successfully completed an A$8.1 million seed extension capital raise. The funding round was oversubscribed, demonstrating confidence in the company’s vision and its track record of executing on its ambitious R&D and growth plans.

Renewable Metals has developed a highly differentiated, alkali-based recycling technology that offers high recovery of critical minerals using a more efficient and sustainable approach to processing end-of-life lithium-ion batteries. This innovative process has less steps to recover nickel, copper, cobalt, lithium, and manganese, and avoids the production of sodium sulfate, a common byproduct that needs to be disposed of. The company's technology can recycle the full-range of lithium battery chemistries, including lower value lithium-iron-phosphate (LFP).

The funds raised will be invested to increase the scale of Renewable Metals’ demonstration plant, to be operated at European Metal Recycling’s (EMR) Birmingham site in the UK. This facility will not only further validate the company’s groundbreaking technology at a larger scale but also lay the foundation for commercial operations, positioning Renewable Metals to significantly enhance its contribution to the global circular economy and reinforce its position as a leader in sustainable critical mineral recovery.

Ben Lindsay, Investment Manager at Investible Climate-Tech commented:

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

Luan Atkinson, CEO of Renewable Metals, said:

"The continued support from investors is a strong endorsement of the company’s vision and progress. 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.”

This latest round of funding marks a significant milestone in Renewable Metals' journey, positioning the company for continued growth and success as it advances towards commercial-scale operations. The demonstration plant, once fully operational, will be a critical step in Renewable Metals' mission to build a resilient battery value chain and support the global transition to electrification.