In its first fundraising round, urban mining startup Metastable Materials of Bangalore raised an undisclosed amount of pre-financing from a group of angel investors and venture capital companies. The pre-sowing round was led by Akshay Singhal and Kartik Hajla, co-founders of Log9 Materials, a leading company in the production of batteries and batteries for EVs.

Archana Priadarshini, PointOne’s general partner, was also one of the leading investors in the round, which included Sanjiv Rangras (former group leader at ITC Limited) among other angels. Prior to this fundraiser, the startup faced a monetary crisis.

Metastable Materials will use the funding to build a supply chain of infra lithium-ion batteries by extracting much-needed items from expired batteries. This will include expanding the patented Metatable process and developing appropriate supply chains. In addition, the amount raised will be important for team expansion, operations and infrastructure in the future, the company said.

Shubham Vishwakarma, founder of Metastable Materials, said: “We at Metastable are creating a first-of-its-kind technology and chemical-free system that allows for an environmentally friendly range of recycled materials from lithium-ion batteries, in order to provide a sustainable alternative to freshly mined metal and with the ultimate goal of integration with existing global supply chains. This fundraiser will certainly serve as a catalyst to increase our efforts in the near future. ”

Metatable technology allows the extraction of copper, aluminum, cobalt, nickel, lithium and various other metals from LiB, while providing a very high rate of recovery of these rare metals. The startup, which models its operations based on the concept of urban mining, has already filed four patents related to their flagship metal mining process, and will soon apply for additional ones. It is in talks with several suppliers to commercialize the mined metals.

Kartik Hajela, co-founder of Log9 Materials, said: “Urban mining will not only help reduce the load on newly extracted earth materials such as lithium, etc., but can also be an important part in reducing India’s global dependence on raw materials for batteries. Process innovation is very important for scaling the urban mining industry; and to that end, Metatable’s patented process can help sustainably scale up the sector. ”

Sanjev Rangras said: “Today, sustainability in all areas should become the core of every organization and all people. Metatable fills an important void, and it’s also in the critical area of ​​batteries and EVs ”.

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