pH7 Technologies closes successful series A financing round
Vancouver, BC – pH7 Technologies Inc, a pioneer in clean and sustainable critical metal extraction solutions, is pleased to announce the successful closing of its series A financing round.
The round was oversubscribed, raising $16 million USD from major investors such as TDK Ventures, Pangea Ventures, BASF venture Capital, FM Capital, Collaborative Fund, and Rhapsody ventures.
PH7 Technologies, a new Canadian sustainable startup, has developed a game changing metal extraction process that will reduce the environmental impact of the mining and convectional recycling process. The funding will be used to accelerate the development and commercialization of PH7’s innovative clean tech recycling solutions and scaling the company.
PH7’s proprietary closed-loop process provides near net-zero environmental impact in the extraction of key minerals and will serve as an enabler allowing metal supply to support the massive electrification movement.
“Our team is thrilled to have the support of our co-lead investors, TDK Ventures and Pangaea Ventures, as well as other new investors like Rhapsody Ventures, Collaborative Fund, FM Capital, and BASF Venture Capital, who will work with us to scale our sustainable metal-extraction process,” said Mohammad Doostmohammadi, CEO of pH7 Technologies.” We are committed to developing environmentally responsible solutions that address the challenges in the metal supply chain, and we believe that our technology can help accelerate the global transition to a more sustainable energy future.”
TDK Ventures, a subsidiary of TDK Corporation, is a leading corporate venture capital firm focused on investing in innovative technology startups. They co-lead the A series round with Pangea Ventures, a venture capital firm focused on investing in sustainability startups with a focus on materials and energy solutions.
“TDK Ventures will support pH7 Technologies in their mission to create a more sustainable and efficient metal-extraction process,” said Nicolas Sauvage, President of TDK Ventures.
“Environmentally-friendly metal extraction is a huge win for sustainability, as the process has demonstrated a net 95% reduction in CO2 emission, 95% increase in energy efficiency, absolutely no toxic emissions, and near-zero water consumption compared against current industry standards.”
“pH7 Technologies has created a path forward for key metals extraction and refining that will enable the transition to renewable energy in a much more clean and sustainable way,” said Sarah Applebaum, Partner with Pangaea Ventures. “We share pH7’s passion to create a more habitable and sustainable planet for future generations and are excited to be a part of this project.”
PH7 Technologies chemical process is gaining traction within industry OEMs, metal refiners, and suppliers due to its inherently scalable, high yield, and faster-than-acid-based solution. The new metal extraction process represents a practical solution to an industry pervasive problem while simultaneously creating a low-cost solution, with high environmental consideration, and a demonstrated technical maturity.
The successful closing of the A Series financing round is a significant milestone for pH7 Technologies, and the company is poised for growth and expansion in the coming years.