A number of angel investors and venture capital firms have contributed an undisclosed sum of pre-seed funding to the urban mining startup Metastable Materials, based in Bengaluru. Akshay Singhal and Kartik Hajela, co-founders of Log9 Materials, a leading provider of superior EV battery technologies and batteries, led the pre-seed investment.
Sanjiv Rangrass, an ex-group head at ITC Limited, and several angel investors joined Archana Priyadarshini, general partner at PointOne, as lead investors in the round.
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Metastable Materials will use the investment to develop the infrastructure for the Lithium-ion battery supply chain by removing the essential components from dead batteries. This will entail expanding the proprietary method of Metastable and creating associated supply networks. The money raised will also help significantly with future team, operations, and infrastructure expansion, according to the company.
Shubham Vishvakarma, Founder, Metastable Materials said, “We at Metastable are pioneering a first-of-its-kind, chemical-free technology and system that in an eco-friendly manner can extract a wide range of recycled materials from lithium-ion batteries, in order to provide a sustainable alternative to freshly mined metals and with the end-goal of integrating with existing global supply chains. This fundraising will certainly act as a catalyst in augmenting our efforts in the near future.”
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Kartik Hajela, Co-Founder, Log9 Materials said, “Urban mining will not only help in reducing the burden for newly-mined materials from the earth like Lithium etc., but can also be an important piece in reducing India’s global dependency for raw materials for batteries. Process innovation is very critical to scale urban mining; and to this end, Metastable’s proprietary process can help bring scale to this sector sustainably.”
Sanjeev Rangrass said, “Today, sustainability in all spheres has to become the core of every organization and all human beings. Metastable is filling in an important void and that too in a critical area of batteries and EVs.”
About Metastable Materials
Metastable Materials is an upcoming start-up working towards disrupting the urban mining industry with its patented technology. The metal extraction methodology is designed to significantly reduce the capital and operational expenditure as compared to the conventional practices, with a recovery rate of over 90% for all of the constituent materials.
