Australian battery recycling startup Renewable Metals has closed an $8 million investment round to scale and commercialise its groundbreaking lithium-ion battery recycling technology, backed by the CEFC and leading Asia Pacific and US-based investors.
The CEFC investment is managed by Virescent Ventures. The lead investor is Asia Pacific-based venture capital firm Investible, via its early-stage Climate Tech Fund, with additional participation from US-based venture capital investor, the Grantham Foundation for the Protection of the Environment.
The investment round will support Renewable Metals in the development of a pilot plant in Perth, bringing forward the construction of a larger scale demonstration plant capable of processing up to 1,500 tonnes of battery waste annually. The investment will also support the expansion of the Renewable Metals team to further develop the Australian battery recycling industry – which CSIRO has estimated could help recover up to $3.1 billion of valuable battery materials and metals1 – and contribute to the global battery industr