US climate tech startup BaniQL eyes PH
BaniQL is developing a technology that aims to make the extraction of nickel and cobalt – two essential components in electric vehicle batteries and renewable energy storage – more sustainable and environmentally friendly.
San Francisco-based climate tech startup BaniQL is working to penetrate the Philippine market after raising $1.6 million in Seed funding, which was anchored by Singapore venture capital investor Beenext.
BaniQL is developing a technology that aims to make the extraction of nickel and cobalt – two essential components in electric vehicle batteries and renewable energy storage – more sustainable and environmentally friendly.
The startup’s initial target market is Indonesia, which holds 25% of the world’s nickel reserves but plans to enter the Philippine, Australian, and South Korean markets.
The Philippines has an estimated 5% of global nickel reserves in the form of extensive and shallow deposits of laterite, surface mined after removing the overlying vegetation and topsoil.
Additionally, GlobalData said the Philippines is the world’s second-largest producer of nickel in 2022, even as output was down by 10.49% from 2021.
As the world transitions towards cleaner energy solutions, the demand for these critical minerals is skyrocketing.
BaniQL said its innovative approach has the potential to significantly reduce the environmental impact of nickel and cobalt extraction while meeting the growing demand for these materials.
The startup stressed that its seed funding will be used to develop a prototype facility, expand its R&D and engineering teams, and support general operations.
“We are confident that this funding will enable us to take BaniQL to the next level and make a significant contribution to the transition towards a more sustainable future for the critical minerals industry,” Willy Halim, the company’s CEO and co-founder, said.
Aside from Beenext, the funding round was also backed by Swiss pre-Seed and Seed-stage venture capital firm Seedstars International Ventures and Southeast Asia’s angel investing platform A2D Ventures, among others.
BaniQL said it has already achieved significant milestones, including securing a US patent pending for its technology and establishing strategic partnerships with key players in the industry.
Source: theindependentinvestor.ph 21 May 2024
