pH7 Technologies Raises $32 Million in Series B Funding
pH7 Technologies, a company based in Burnaby, British Columbia, has announced the successful closure of its Series B funding round, securing $32 million. The round was led by Fine Structure Ventures and attracted participation from several other investors, including BHP Ventures, Energy, Environment Investment, and Siteground.
Advancing Sustainable Metal Extraction
The company, under the leadership of CEO Mohammad Doostmohammadi, focuses on the sustainable extraction of critical metals, which is essential for the transition to green energy. Their advanced, zero-emission technologies aim to address the growing demand for critical minerals, driven by the expansion of AI data centers and clean energy initiatives.
"What we’re trying to do with pH7 is close this supply gap," said Doostmohammadi, highlighting the importance of their work in reducing dependency on traditional, environmentally harmful extraction methods.
Strategic Investors and Funding
In addition to Fine Structure Ventures, the Series B round saw investment from notable entities such as Gaingels Fund, Calm Venture, TDK Ventures, Pangaea Ventures, Rhapsody Venture Partners, BASF Venture Capital, Asahi Kasei, and Circular Innovation Fund. This diverse pool of investors reflects confidence in pH7 Technologies' potential to innovate in the cleantech sector.
Plans for the Future
With the new funding, pH7 Technologies plans to expand its capabilities in critical metal recycling and extraction. The company has already made strides with its 30,000 square-foot demonstration plant in Burnaby, showcasing its closed-loop, organic electrochemical process for extracting metals like copper and platinum. This process is designed to be more cost-effective and environmentally friendly than traditional methods.
Use of Funds
The funds from this round will be utilized to build more recycling plants for platinum group metals globally and to begin implementing their technology at mining sites, initially focusing on copper and gold. This expansion is expected to help reduce geopolitical tensions related to mineral supply chains by enabling local, sustainable extraction.
Conclusion
As pH7 Technologies continues to develop its innovative solutions, the support from investors in this Series B round positions the company well to make significant contributions to the green energy transition and critical metal supply resilience.