Li-ion Battery Recycling Startup Metastable Materials Raises Seed Funding
Metastable Materials, a Bengaluru-based Li-ion battery recycling startup, has raised an undisclosed amount in its seed funding round led by Sequoia Capital India’s accelerator programme Surge.
Speciale Invest, Theia Ventures and several angel investors, including Akshay Singhal and Kartik Hajela (Log9), Archana Priyadershini (fwdSlash Capital) and Sanjeev Rangrass (Unitus Ventures), also participated in the funding round.
As per the startup, the raised funds will be used to deploy the capital for hiring and scaling up its current recycling facility.
Metastable Materials | Reducing The Life-cycle Cost Of Li-ion Batteries
Founded by Manikumar Uppala, Saurav Goyal and Shubham Vishvakarma in 2021, Metastable Materials is a Bengaluru-based startup that claims to have developed its proprietary method for recycling and extracting valuable materials from lithium-ion (Li-ion) batteries.
Working towards disrupting the recycling industry, Metastable Materials has designed a metal extraction methodology to significantly reduce capital and operational expenditure for recycling lithium-ion batteries, with a recovery rate of over 90% for all of the constituent materials.
Speaking about the development, Shubham Vishvakarma, Founder of Metastable Materials, said,
“We’re proud to be pioneering a solution that safeguards our future, from providing a sustainable supply of metals for the manufacture of EV batteries to setting new benchmarks for the way metals are recycled, paving the way for new technologies and innovations that will have the power to truly move the needle in fighting climate change.”
The startup is developing safe storage and packaging solutions for used batteries to transport them from consumers to recycling facilities, as the current methods in India do not meet international standards. Additionally, their packaging is designed to reduce the risk of fire during transportation with a heat-resistant structure.
The firm is scaling up its battery recycling capabilities and operations. In October 2022, the Bengaluru-based startup opened a 21,000 sq ft urban mining facility. Located on the outskirts of Bengaluru, the facility can process 1,500 tonnes of material annually, accounting for up to 6 percent of India’s recycling demand for Li-ion batteries.
Commenting on the development, Vishesh Rajaram, Managing Partner, Speciale Invest, said,
“Battery materials are both scarce and expensive, which makes re-mining critical metals from batteries a business necessity. Metastable Materials builds on its founders’ domain and proprietary approach to re-mining batteries that are chemical-free and capital efficient, as a result of low capital and operating expenditure with industry-class yields. We strongly believe re-mining metals from batteries is the path to solving for self-sufficiency of rare metals for India.”
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