PH7 Technologies has closed a series A round that will fund a technology which recycles precious metals critical to the energy transition.
TDK Ventures and tech investor Pangaea Ventures have backed Canadian startup PH7 Technologies, in a financing round that will fund its energy efficient process of recycling platinum group metals.
The three-year-old startup has piloted an approach to extracting precious metals from waste in a closed loop process that creates neither wastewater nor emissions. BASF Venture Capital, Rhapsody Ventures, Collaborative Fund and FM Capital were also part of the oversubscribed $16m round.
PH7 Technologies uses green solvents that extract metals such as platinum, palladium and rhodium from ores, concentrates and wastes. CEO Mohammad Doost, who told GCV about the deal at the sidelines of the GCVI Summit in Monterey in March, says the company can extract metals with more than 90% purity from waste material with a purity level as low as 0.1%.
Most of the waste materials it receives for recycling come from original equipment manufacturers (OEMs).
Precious metals such as platinum, gold and silver are used in technologies that are critical to the electrification of cars and electronics manufacturing.
Metals recycling is not widespread despite the demand for metals increasing. Only 60% of platinum group metals are recycled, while the rest goes to landfill, said Doost. Two-thirds of the supply of platinum, which is widely used in electronics, is sourced from energy-intensive mining while one-third comes from recycling.
Recycling precious metals will become increasingly critical to the energy transition as demand for these metals soars while the supply decreases.
Grades of copper ore, for example, are declining at the same time that demand for the metal is expected to increase 50% by 2030.
Doost told GCV the company hopes to raise future financing to fund a copper extraction process that uses almost no water.
