BaniQL raises $1.6m to make nickel mining

Traditional extraction methods are notorious for their environmental damage. For instance, nickel mining operations in Sulawesi, Indonesia have led to severe deforestation and contamination of water sources with heavy metals.

However, nickel and cobalt mining is crucial for manufacturing electric vehicle batteries. And since Indonesia harbors around 22% of the world’s nickel reserves, it’s becoming a major target for EV companies.

Climate tech companies like BaniQL are trying new methods to reduce water, energy, and chemical use, thereby minimizing ecological impact. The San Fransisco-based firm has recently raised a US$1.6 million seed round led by Beenext, with participation from Seedstars International Ventures and A2D Ventures, among others.

BaniQL works to lessen the environmental impact of mining by producing nickel products from metal waste and lower-grade nickel ores through a proprietary extraction method that uses less heat and pressure.

The company is poised to capitalize on the growing market for battery materials as well, which is projected to reach US$82 billion by 2030.

BaniQL said it will use the seed funding to develop a prototype facility, expand its R&D and engineering teams, and support general operations.

The company also operates in Indonesia, South Korea, Australia, and the Philippines. Its operations encompass patent development, industry collaboration, and continuous product improvement.

The company also said it has a pending US patent for its extraction process and has forged strategic partnerships within the mining industry.

Source: techinasia.com 20 May 2024