The Danish company Nordic Salt Cycle has raised DKK 26 million in a pre-seed round with participation from the Danish Export and Investment Fund (EIFO), existing investor The Footprint Firm and the German fund Ananda Impact Ventures.
The capital will be used to bring the company's molten salt technology to market - a process that makes it possible to recycle critical minerals such as lithium, cobalt and rare earths from used electric car batteries, wind turbines and used consumer products. This is stated by EIFO in a press release.
- Our technology platform has the potential to become a game-changer in the recycling of critical minerals and rare earths, which could significantly change Europe's competitive position. In collaboration with our partners, we can now recycle critical minerals from batteries in electric cars, but the technology can also be developed for other areas, says Stefan Vilner, CEO of Nordic Salt Cycle.
EIFO emphasizes that the investment is to strengthen Europe's ability to handle and procure its own critical minerals. The fund believes that Nordic Salt Cycle's technology can be an important contribution to a more robust and sustainable European economy.
- EIFO's investment in Nordic Salt Cycle is in line with our strategy of investing in groundbreaking deep-tech companies that make the economy more robust and sustainable. We believe that the platform can play a central role in strengthening Europe's ability to recycle critical minerals at lower costs and with lower energy consumption, says Axel Bjørum, Senior Investment Associate at EIFO.
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