The investment will support Renewable Metals in developing its pilot plant in Western Australia's Perth and accelerate the construction of a larger scale demonstration plant with a planned processing capacity of 1,500 t/yr of battery waste, which will help in commercialising its battery recycling technology. The other two investors are Australia-based venture capital firm Investible and US-based private foundation Grantham Foundation for the Protection of the Environment.
Renewable Metals said it developed a "simpler" extraction method that uses fewer chemicals to recover critical battery materials from black mass — the shredded remains of a lithium-ion battery cathode — which also produces less waste. The firm claims the method achieved higher metal recovery rates, especially for lithium, while able to cut processing costs by up to 30pc when compared with its competitors. The technology also has the potential to recycle lithium-ferro-phosphate batteries, which are expensive to recycle with existing technology, CEFC said on 5 October.
"The CEFC is backing Renewable Metals with a [A]$2.5 million investment toward an excellent Australian innovation in the battery and critical minerals space," said Australian firm Virescent Ventures partner Blair Pritchard, who is managing CEFC's investment in this instance. "There is a growing global need for effective waste management strategies as demand for lithium-ion batteries rises, driven by the increasing electrification of transport and the renewable energy generation storage sector."
