Australian start-up lands $12m to challenge China dominance of EV battery recycling

Australian start-up Renewable Metals has secured $12 million in Series A funding to develop battery recycling facilities aimed at challenging China’s dominance in the sector. The Perth-based company plans to establish a prototype plant in Western Australia by mid-2026, capable of recycling up to 2,000 tonnes of lithium-ion batteries annually—equivalent to around 4,000 electric vehicle (EV) batteries. Following this, a larger commercial facility is set to be built in New South Wales’ Hunter Region, with the investment also supporting expansion of the company’s research and engineering teams. Renewable Metals employs a patented process that recovers 95 per cent of key minerals such as cobalt, lithium, nickel, copper, and manganese from end-of-life EV batteries using a single processing line. This approach aims to reduce costs while securing critical minerals vital for the growing electric vehicle market. The company’s chairman, Peter Bevan, emphasised the strategic importance of building resilient supply chains by reducing Australia’s reliance on overseas processing, particularly from Chinese firms that currently dominate the global battery recycling industry. The funding round was led by the Clean Energy Finance Corporation and included investors such as Climate Tech Partners and European Metal Recycling. The announcement coincides with a recent study forecasting that battery recycling could contribute $6.9 billion annually to the Australian economy by 2050, supporting more than 34,000 jobs. This economic potential is underpinned by rising EV sales and increasing adoption of large-scale household batteries, driven in part by geopolitical factors and rising fuel prices. Industry experts highlight the growing importance of domestic battery recycling as countries introduce stricter recycling mandates and limit waste exports. Patrick Sieb, co-founder of Climate Tech Partners, noted that Australia must develop its own battery recycling value chain rather than exporting used batteries to Asia. The move towards local recycling infrastructure is seen as a critical step in securing supply of essential minerals and supporting the nation’s transition to clean energy and electric mobility.