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Metastable Materials, a deep-tech recycling company specialising in lithium-ion batteries, has announced seed funding led by Surge, Sequoia Capital India, and Southeast Asia’s rapid scale-up programme, which included participation from deep-tech VC Speciale Invest, Theia Ventures, and other angels.
The start-up says it has developed the world’s first, chemical-free Integrated Carbothermal Reduction process for recycling and extracting valuable materials, such as copper, aluminium, cobalt, nickel and lithium from Li-ion batteries. The technology reduces capital and operational expenditure compared to conventional battery recycling practices, along with a recovery rate of over 90%.
Shubham Vishvakarma, Founder, 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 industry for Li-ion battery recycling, which is today valued at $4.6 billion, is expected to grow at least five times by 2030 as corporations search for a proper way to handle end-of-life Li-ion batteries. Furthermore, many nations – including the EU – plan to introduce regulations to ensure that batteries can be repurposed or recycled at the end of their life.
However, current recycling methods to extract and reuse metals from end-of-life Li-ion batteries are plagued by a myriad of challenges. This includes the logistical challenges of transporting large Li-ion batteries to recycling facilities, which can be costly due to their highly flammable nature and strict regulations around packaging.
Efficient metal extraction is also a complicated process that involves disassembly, separation and recovery and requires significant investments into facilities and engineering, which has been difficult for companies to carry out profitably at scale.
Metastable is also developing storage and packaging solutions to move used batteries from consumers to recycling facilities safely.
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