The $1.6 million seed fundraising round for BANIQL, a US-based firm creating a new and sustainable method of extracting nickel and cobalt from laterites through first principles, has closed successfully.

According to a statement released by BANIQL on Monday, BEENEXT led the round, which also included participation from Seedstars International Ventures, A2D Ventures, Sopoong Ventures, and angel investors from the US, Indonesia, Singapore, Malaysia, and the XA Network.

The announcement states that the seed money will be used to construct a pre-pilot facility, grow the engineering and research and development teams, and support overall operations, such as product development, cooperation, and patent development.

According to BANIQL, the company is creating ground-breaking technology with the goal of improving sustainability and environmental friendliness of nickel and cobalt extraction—two critical elements of batteries for electric vehicles and renewable energy storage.

The demand for these vital minerals is rising dramatically as the globe moves toward greener energy sources.

It stated that, while satisfying the increasing demand for these resources, its novel approach may 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 mission is to reduce environmental impact, costs, and supply chain risks while improving the supply of basic 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 industries.

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 might limit 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 total market potential of $120 billion, with the potential to bring in $1–$3 billion.

“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.

Notable accomplishments for BANIQL thus far include obtaining a pending U.S. patent for its technology and forging strategic alliances with major participants in the market, including one of the biggest nickel mining companies in Indonesia and ROV. Co. Ltd., a Korean distributor and precursor engineering company.

Through these collaborations, BANIQL will gain important access to markets, resources, and knowledge as it moves closer to 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.

The innovative approach of BANIQL, according to Charlie Graham-Brown, Partner at Seedstars International Ventures, greatly lessens the environmental impact while meeting the pressing need for high-quality, reasonably priced nickel refining.

“We are excited about BANIQL’s potential to lead a more sustainable and cleaner extraction technology, meeting the critical needs of the market, guided by a dedicated and mission-driven team,” he continued.

According to BEENEXT Partner Faiz Rahman, their cutting-edge technology may be able to ethically and sustainably meet the world’s expanding need for nickel and cobalt.

“We believe BANIQL has a strong and compelling vision, and we look forward to supporting them in their journey,” he added.

The CEO of A2D startups, Ankit Upadhyay, continued, “BANIQL’s dedication to efficiency and sustainability fits in perfectly with our investment philosophy, which is to support 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.

Sopoong Ventures partner Yoonmin Cho called BANIQL’s novel technique to nickel and cobalt extraction “a game-changer.”

He went on, “Their technology promises to revolutionize the industry by enhancing cost effectiveness, sustainability, and efficiency.”