Watercycle Technologies secured $5.6 M Series A funding to enter MENA region
The $5.6 million Series A investment round led by Par Equity, in a syndicate with the University of Manchester Innovation Factory, Aer Ventures, and the Greater Manchester Combined Authority (‘GMCA’), has been closed, Watercycle Technologies is happy to announce. Watercycle will be able to quickly scale up and commercialize its technology with this investment, providing high-yield, low-cost, sustainable mineral recovery systems.
Government agencies and companies worldwide have taken an interest in Watercycle’s mineral recovery systems, which are intended for use in battery recycling and brine mining. The company’s proprietary technology supports a circular economy that turns waste into value while also reducing the increasing risks associated with the critical mineral supply. In order to help with the transition to green energy, the company wants to implement its creative solutions, which will have a big impact on the production of raw materials.
Dr Seb Leaper, co-founder, and CEO, commented, ”It’s fantastic to have backing from such an excellent syndicate of investors who are strategically positioned to help Watercycle rapidly scale. With the continued support of our initial backers, the University of Manchester and Aer Ventures, along with new financial support provided by deep-tech veterans Par Equity and local champions, GMCA, Watercycle is in a stronger position than ever to deliver on its mission to provide the world with a sustainable supply of critical raw materials without which there is no sustainable future.’’
Over 100 kg of battery-grade lithium carbonate has recently been produced by the company, which since spun out from the University of Manchester in 2020 has made impressive strides from experimental conception to the successful implementation and operation of a pilot-scale system. A combination of highly competitive grant funding and equity investment has been used to fund this development work. The additional money raised will be crucial for developing new products, bolstering current business ties, and establishing new alliances. The company’s technology is highly innovative and strategic, as evidenced by the Innovate UK Investor Partnership grant that was awarded in this round. With plans to add new talent and grow the current team, it will support the business’s ongoing progress.
Dr. Ahmed Abdelkarim, a well-known specialist in water treatment technologies and an Egyptian scientist and entrepreneur, co-founded the business. He has led several innovative projects at Watercycle that have advanced the field of mineral extraction, and he received his PhD from the University of Manchester in 2018. Watercycle has established itself as a leader in technological innovation under his direction. In just four years, Abdelkarim has also helped the company obtain over $8 million in funding and contributed to 12 patent applications.
Ahmed Abdelkarim, Co-Founder and CTO of Watercycle, commented: “We are excited to propel the company towards mass production of critical minerals. Our achievements to date are a testament to the dedication, brilliance, and leadership of our exceptional team.”
According to Abdelkarim, Watercycle is presently negotiating to apply their most recent seawater desalination innovations with a number of organizations in the MENA region. Through the selective recovery of the minerals present in the brine and their sale to a variety of strategic industries, these initiatives seek to solve the brine disposal issue that desalination faces.
The University of Manchester’s Watercycle Technologies is a shining example of the extraordinary talent and innovation coming out of Northern UK universities, according to Elizabeth Young, Investment Manager at Par Equity. We take pride in helping WT expand by investing in it and introducing it to professionals in our network.
