Battery Recycling Startup-Metastable Bags Seed Funding Under Scale-Up Programme

Metastable, a deep-tech battery recycling startup, has raised seed funding under Sequoia Capital  Asia’s rapid scale-up programme, ‘ Surge’. The Bengaluru-based urban mining company works towards extracting crucial elements of Lithium-ion batteries up to the optimal level. 

In a release to the media, the firm said that it had raised seed funding through the programme. Under Surge, the early-stage startups receive the support of capital funding up to USD 3 million.

It also includes company-building workshops and other mentioning support. Sequoia Capital India and Sequoia Southeast Asia support the programme. It also had the participation of several other ventures like Speciale Invest, Theia Ventures and other angel investors. 

A statement from Metastable claimed that it would use the new funding to meet its growing operations. It also said that it would use the corpus for recruitment to support Metastable’s manufacturing and industrial engineering functions and manage its supply chain and day-to-day operations.

“Metastable Materials builds on its founders’ domain and proprietary approach to re-mining batteries that are chemical-free and capital efficient, as a result of low capital and operating expenditure with industry-class yields,” said Vishesh Rajaram, Managing Partner, Speciale Invest.

“We are thrilled to partner with Metastable Materials on their exciting journey as they build an innovative, scalable and greener process for rare material extraction from electronic waste,” said Priya Shah, General Partner, Theia Ventures.

Metastable claimed that with their patented Integrated Carbothermal Reduction, they could extract upto 90 percent of the components of the Lithium-ion batteries like copper, aluminum, cobalt, nickel and lithium from Li-ion batteries. It claims it helps reduce the import of scarce items like Lithium and Cobalt. The founders also claim that it helps reduce the quantum of battery waste reaching the dump yards. IIT-Roorkee alumnus Subham Vishwakarma founded Metastable.