LONDON, Feb. 14, 2022 /PRNewswire/ -- Gigamine, a UK start-up, is developing technology and solutions to provide lithium-ion battery recycling that will deliver a step change in efficiency and sustainability. Early-stage fund, 7percent Ventures led the seed round, joined by a group of prominent angel investors that includes the founder of Extreme E and Formula E, Alejandro Agag.
This will include automated discharge and disassembly as well as increased efficiency in second life applications. It will also include the use of renewable energy to build a sustainable circular system for the re-use of battery materials.
In order to meet its EV goals, the UK will require an expected 140GWh of cell production by 2040. It is expected that recycling can supply 20-25% of the cathodic metals required. Gigamine's scalable recycling facilities, each called a 'node', will address this fast-emerging market opportunity for recycled materials which is expected to ramp significantly starting in 2024.
Gigamine expects to start construction of its first node this year. It is exploring sites across the UK and plans to make a site selection announcement in Q2 2022. In the next five years, Gigamine aims to operate six nodes across the UK, as well as a refinery converting black mass into materials for re-use in cell manufacture.
Andrew J Scott, founding partner of 7percent Ventures said: "Our choices to-date have caused the climate and environmental emergency we're now living in. With electric everything being the future, battery production and disposal is an environmental challenge we must get right. Gigamine has the technology and the vision to make sure batteries are reprocessed as greenly as possible, becoming a UK-grown global leader in the process."
Peter Cowan, Director at Gigamine, said: "Building an automated, scalable and sustainable EV battery recycling solution is a critical requirement for the circular economy and a significant global market opportunity over the coming years. Gigamine aims to be a leading player in this domain, and its collaboration with quality partners such as seed investors 7percent is one important step forward.
"We are hoping to make further announcements about partners and customers over the next few weeks and are excited to be attracting support from some of the leading names in the industry."
Further information:
Peter Cowan
Email: peter.cowan@gigamine.co.uk
Tel: 07771 826117
Press Office for 7percent Ventures
Abi Shiers
Sonder London
Email: abigail@sonder-london.com
About Gigamine
Gigamine is a technology-focused lithium-ion battery recycling company, based in the UK, developing an automated and scalable solution to address the high volumes of lithium-ion batteries requiring recycling in the coming years.
About 7percent Ventures
7percent Ventures is an ex-founder led, network-driven, trans-Atlantic early stage fund, based in London and the U.S. West Coast. They invest very early in technology which is transformative and can monopolize a big market, supporting startups via an extensive advisor network. They seek multi-$bn game changing ideas which will impact our world positively, passing on the lower risk or less ambition opportunities. Read more at www.7pc.vc
