BANIQL is developing a novel extraction technology aimed at making nickel and cobalt recovery from laterites more sustainable and less environmentally damaging. The company says its process can reduce chemical use, water and energy consumption compared with conventional techniques. BANIQL is pursuing a pending U.S. patent for its approach and plans to use seed capital to establish a pre-pilot facility and expand engineering and R&D staff. The seed proceeds will also support product development, partnerships, operations, and patent development. BANIQL identifies Indonesia as its primary target market (holding large nickel reserves) and is also pursuing markets in South Korea, Australia, and the Philippines. The article cites industry projections that the battery raw materials market could grow to $60 billion by 2030, with a combined market potential of $120 billion and $1–$3 billion in potential revenue if BANIQL achieves vertical integration.

Total raised

$2M

Funding rounds

1

Latest round

Seed

Latest activity

May 2024