BANIQL, a United States-based company developing a novel and sustainable approach to nickel and cobalt extraction from laterites using first principles, has announced the successful closing of its $1.6 million seed funding round.
The round was led by BEENEXT, with participation from Seedstars International Ventures, A2D Ventures, Sopoong Ventures, and angel investors from the United States, Indonesia, Singapore, Malaysia, and the XA Network, BANIQL said in a statement on Monday.
According to the statement, the seed funding will be allocated to build a pre-pilot facility, expand the research and development and engineering team, and support general operations, including patent development, collaboration, and product development.
BANIQL said the firm is developing a groundbreaking technology that aims to make the extraction of nickel and cobalt, two essential components in electric vehicle batteries and renewable energy storage, more sustainable and environmentally friendly.
As the world transitions towards cleaner energy solutions, it noted the demand for these critical minerals is skyrocketing.
It opined that its innovative approach has the potential to significantly reduce the environmental impact of nickel and cobalt extraction while meeting the growing demand for these materials.
With a vision to enhance the supply of raw battery materials while reducing environmental impact, cost, and supply chain risks, BANIQL aims to improve the nickel value chain with its U.S. patent pending sustainable technology.
The company’s initial target market is Indonesia, which holds 25 percent of the world’s nickel reserves (Statista), and it is also working to penetrate the South Korean, Australian, and Philippine markets.
BANIQL’s innovative technology offers a more sustainable and efficient alternative to traditional extraction methods, which are often associated with significant environmental damage.
The company’s process has the potential to reduce water and energy consumption, minimize chemical usage, and decrease the environmental footprint associated with nickel and cobalt extraction.
The battery raw materials market is expected to reach $60 billion by 2030, and BANIQL’s successful vertical integration with materials processing could unlock an additional $62 billion market opportunity.
With a combined market potential of $120 billion, BANIQL aims to capture a significant share of this market with the potential to generate $1-$3 billion in revenue.
“We are excited to have the support of esteemed investors who believe in our technology and mission,
“We are confident that this funding will enable us to take BANIQL to the next level and make a significant contribution to the transition towards a more sustainable future for the critical minerals industry,” said Willy Halim, Chief Executive Officer and Co-founder of BANIQL.
It is noted that BANIQL has already achieved significant milestones, including securing a U.S. patent pending for its technology and establishing strategic partnerships with key players in the industry, such as one of the largest Indonesian mining companies with extensive experience in nickel mining as well as precursor engineering and distributor ROV. Co. Ltd in Korea.
These partnerships will provide BANIQL with valuable access to resources, expertise, and market networks as the company progresses toward commercialization.
“Our team has been working tirelessly to develop a technology that not only addresses the growing demand for nickel and cobalt but also prioritizes sustainability and environmental responsibility,
“This funding round is a crucial milestone for us, as it allows us to accelerate our efforts and make a lasting impact on the future of battery production and sustainable mining practices,” said Eric Januar, Chief Operating Officer and Co-founder of BANIQL.
Charlie Graham-Brown, Partner at Seedstars International Ventures, shared that BANIQL’s pioneering solution effectively addresses the urgent demand for superior quality, cost-effective nickel refining while significantly reducing the environmental footprint.
“Guided by a dedicated and mission-driven team, we are excited for BANIQL’s potential to spearhead a more sustainable and cleaner extraction technology, meeting the critical needs of the market,” he added.
Faiz Rahman, Partner at BEENEXT, said their innovative technology has the potential to address the growing demand for nickel and cobalt sustainably and responsibly.
“We believe BANIQL has a strong and compelling vision, and we look forward to supporting them in their journey,” he added.
Ankit Upadhyay, CEO of A2D Ventures, added that BANIQL’s commitment to sustainability and efficiency aligns perfectly with the firm’s investment philosophy to back deep-tech ventures with a large problem statement.
“We are confident that BANIQL has the potential to make an outsized impact on developing sustainable nickel and cobalt extraction technology and contribute to a more green future for our planet,” he added.
Yoonmin Cho, Partner at Sopoong Ventures, said that BANIQL’s innovative approach to nickel and cobalt extraction is a game-changer.
“Their technology promises to revolutionize the industry by enhancing sustainability, efficiency, and cost effectiveness,” he added.
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