The $1.6 million seed funding round for BANIQL, a US-based company creating a new and sustainable method of extracting nickel and cobalt from laterites through first principles, has closed successfully.
According to a statement from BANIQL, BEENEXT led the round, which also included participation from Seedstars International Ventures, A2D Ventures, Sopoong Ventures, and angel investors from the XA Network, Indonesia, Singapore, Malaysia, and the United States.
Establishing a pre-pilot facility, growing the engineering and R&D staff, and supporting overall operations, such as product development, cooperation, and patent development, are among the stated uses of the seed money.
According to BANIQL, the company is creating a novel technology that should make nickel and cobalt extraction more ecologically friendly and sustainable. These two elements are crucial for the batteries used in electric vehicles and renewable energy storage.
It was observed that the demand for these essential minerals is rising dramatically as the globe shifts to greener energy sources.
It stated that, while satisfying the increasing demand for these materials, its novel approach could greatly lessen the environmental impact of nickel and cobalt extraction.
BANIQL is a sustainable technology company that aims to improve the nickel value chain through its pending U.S. patent. Its vision is to reduce environmental impact, costs, and supply chain risks while improving the supply of raw battery materials.
Indonesia, which according to Statista has 25% of the world’s nickel reserves, is the company’s primary target market. It is also trying to break into the South Korean, Australian, and Philippine markets.
The cutting-edge technology of BANIQL provides a more effective and environmentally friendly substitute for conventional extraction techniques, which are frequently linked to serious environmental harm.
The method used by the company could minimize the use of chemicals, use less water and energy, and lessen the environmental impact of extracting nickel and cobalt.
By 2030, the market for battery raw materials is anticipated to grow to $60 billion, and an additional $62 billion in sales may be possible as a result of BANIQL’s successful vertical integration with materials processing.
BANIQL hopes to gain a substantial portion of this market, which has a combined market potential of $120 billion, with the potential to bring in $1–$3 billion.
