Australian lithium-ion battery recycling technology company Renewable Metals has closed a $12 million Series A funding round led by Clean Energy Finance Corporation, managed by Virescent Ventures, with Climate Tech Partners joining existing investors the Neglected Climate Opportunities, European Metal Recycling (EMR), and Investible.
Lithium-ion battery recycling is a large and rapidly scaling market, expected to grow by approximately 20 times between 2030 and 2050, driven by exponential EV and battery storage development.
Currently, most global lithium-ion battery recycling and refining is concentrated in China with most of the world’s battery waste (including shredded batteries from Australia) exported to Asia for processing. Renewable Metals plans to have the first onshore integrated battery recycling line.
Related article: New study highlights overlooked step in battery recycling
Renewable Metals has developed a patented hydro-metallurgical process that can achieve over 95% recovery of lithium, cobalt, nickel, copper and manganese from end-of-life lithium-ion batteries—across major chemistries, including LFP batteries, which are less economic to recycle. Its high recovery, ability to recycle all major chemistries in the same process line, and modular plants make battery recycling a viable option in Australia, with an ability to scale globally.
High capex and low margins make LFP battery recycling more economically challenging. But current cost estimates show Renewable Metals’ technology can have 50% lower cost than incumbents through recycling multiple battery chemistries on the same line and processing whole battery packs, which could unlock viable LFP recycling economics.
The Series A funding will extend the operation of the soon-to-be-commissioned demonstration plant in Kewdale, Western Australia, which will enable the recycling of up to 2,000 tonnes per year of batteries (or about 4000 EV batteries). It will also be used to accelerate the design of the next commercial plant, currently planned for the Hunter, NSW.
Renewable Metals chair Peter Beaven 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 full onshore 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.”
Climate Tech Partners co-founder Patrick Sieb said, “EV adoption has been significantly accelerated because of the Iran war. In Australia, 30,000 home batteries have been deployed since July last year. Australia needs to capture the value chain of battery recycling instead of simply sending products to Asia.
“There is finally an Australian technology and capability that makes the investment decision incredibly compelling.
Related article: Fire ravages Li-ion Energy battery recycling facility in Perth
“Battery recycling is becoming a critical geopolitical capability, and it is expected that the EU, US and Australian governments will introduce recycled content mandates and restrict the export of battery waste. Renewable Metals’ technology and modular commercial plants can scale into these markets and secure critical minerals supply domestically.
“There is a clear global race to develop this technology as supply chains become reliant on critical minerals.”
