Metastable Materials Raises Undisclosed Amount In Pre-Seed Funding The fund will be utilized to build Lithium-ion battery supply chain infrastructure and team, operations, infrastructure expansion
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Metastable Materials, an urban mining startup, has raised an undisclosed amount in pre-Seed funding round led by Log9 Materials and PointOne. The round also witnessed participation from Sanjiv Rangrass, ITC Limited and other angel investors. The company will use the fund to build India's Lithium-ion battery supply chain infrastructure by extracting the much-needed elements from end-of-life batteries, and also for the team, operations and infrastructure expansion.
"We, at Metastable, are pioneering a first-of-its-kind, chemical-free technology and system in an eco-friendly manner can extract a wide range of recycled materials from Lithium-ion batteries, in order to provide a sustainable alternative to freshly mined metals and with the end-goal of integrating with existing global supply chains. This fundraising will certainly act as a catalyst in augmenting our efforts in the near future," said Shubham Vishvakarma, founder, Metastable Materials.
The startup, which is modelling its operations around the concept of urban mining, has already filed 4 patents to their flagship metals extraction process, and will be acquiring more patents soon, and further is in talks with several suppliers for the commercialization of extracted metals, claimed by the company in a statement.
"Urban mining will not only help in reducing the burden for newly-mined materials from earth like Lithium but can also be an important piece in reducing India's global dependency for raw materials for batteries. Process innovation is very critical to scale urban mining, and to this end, Metastable's proprietary process can help bring scale to this sector sustainably," said Kartik Hajela, co-founder, Log9 Materials.
Founded in 2021, Metastable has been dedicatedly working on providing environment-friendly solutions by adapting the waste-as-ore approach for reducing the Lithium-ion batteries' overall life-cycle cost and giving impetus to circular economy.