Renewable Metals has raised US$12 million in a Series A funding round. The company will use this money to speed up the launch of its advanced lithium-ion battery recycling technology.
The funding round was led by existing investor Clean Energy Finance Corporation, with support from Neglected Climate Opportunities, European Metal Recycling (the UK’s largest end-of-life recycler), Investible, and Climate Tech Partners.
Renewable Metals earlier raised $16.1 million in a Seed funding round in two parts. It first raised $8 million, and then raised another $8.1 million in September 2024, less than a year later.
Peter Beaven, Chairman of Renewable Metals, said: “Today, battery recycling is dominated by China, with Western markets reliant on exporting materials offshore for processing. Renewable Metals is building a platform that can compete with leading Chinese recyclers at scale, while enabling recovery of critical minerals in Western cost environments and beyond. That’s critical to building resilient supply chains and reducing dependence on offshore processing as demand accelerates.”
Luan Atkinson, CEO of Renewable Metals, said: “Our process changes the economics of battery recycling. By delivering high recovery at low cost without large, centralised facilities, we can build plants sized for near term feedstock, and scale with the market over time. This avoids capital intensive overbuild while enabling a distributed network close to feedstock sources globally, reducing the cost and complexity of transporting hazardous materials.”
Blair Pritchard, Partner at Virescent Ventures, said: “Processing NMC and LFP together has been the unsolved problem in battery recycling. Conventional approaches require separate lines for each chemistry, duplicating capital and operating costs and limiting flexibility as the market evolves. Renewable Metals has solved for that. Their single-line process handles both chemistries together, which is technically non-trivial and commercially significant as LFP’s share of the market continues to grow. Combined with a low-capital modular plant design, the company’s platform is genuinely deployable at scale.”
Founded in 2020 by Mark Urbani and Gary Johnson, Renewable Metals uses a special recycling method that helps recover important materials from old batteries so they can be reused many times.
Their process can recover almost all key minerals like lithium, nickel, cobalt, copper, and manganese. It also uses fewer steps, costs less, and avoids creating extra waste, such as harmful byproducts like sodium sulfate.
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