Metastable Materials Raises Funding From Sequoia’s Surge

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Metastable Materials, a Bengaluru-based lithium-ion (Li-ion) battery recycling startup, has raised funding from Sequoia Capital’s accelerator program Surge, as well as deeptech venture capitalist Speciale Invest, Theia Ventures, and angel investors. However, the startup has not disclosed the funding amount. The funding will be used to hire talent for manufacturing and industrial engineering functions, managing the supply chain, and day-to-day operations.

Metastable Materials claims to have developed the world’s first, chemical-free integrated carbothermal reduction process for recycling and extracting valuable materials, such as copper, aluminium, cobalt, nickel and lithium from Li-ion batteries. The startup opened a 21,000 sq ft urban mining facility on the outskirts of Bengaluru in October 2022, which can process 1,500 tonnes of material annually, accounting for up to 6% of India’s recycling demand for Li-ion batteries. The startup is part of the eighth cohort of Surge and claims its technology significantly reduces capital and operational expenditure in comparison to conventional battery recycling practices, enabling a recovery rate of over 90% of materials from batteries. The rising number of electric vehicles (EVs) on Indian roads, particularly two-wheelers, has resulted in increasing demand for batteries.

It’s great to see that the number of electric vehicles (EVs) on Indian roads is increasing. This growth is being supported by the government’s initiatives to promote EV adoption in the country. As of the beginning of March, India had 21.7 lakh (2.17 million) registered EVs, and two-wheeler EVs are currently leading this growth. As the demand for EVs increases, the demand for batteries will also rise, making the work of battery recycling startups like Metastable Materials more important.