Amid a push for more sustainable mining, a Paris-based startup is extracting nickel, cobalt and other critical metals from plants. Genomines’ phytomining process deploys genetically-modified plants to absorb into their tissues metals and contaminants from soil.
Genomines says the “hyperaccumulator” plants yield battery-grade metals faster, cheaper and more sustainably than traditional extraction.
“Genomines unlocks an entirely new set of resources for battery materials, starting with nickel,” said Michael Kearney of Engine Ventures, which co-led Genomines’ latest Series A round with Forbion BioEconomy.
Green infrastructure
Genomines has proof of concept projects underway with automakers including Jaguar Land Rover and Hyundai Motor Group, which invested in the Series A round.
Other investors include DeepTech & Climate Fonds, Teampact Ventures, Prospect Innovation, Raise Phiture and AlphaTech Investment Group, and existing backers Elemental Impact, Lowercarbon Capital and Entrepreneurs First.
The company has raised $62 million to date.
The new capital will go towards field demonstrations to attract refiners, battery manufacturers and commodity traders. Genomines says it has already secured large commercial offtake contracts for its metals.
