Genomines has secured $45 million in Series A funding to scale its innovative plant-based nickel production, aiming to transform the metal extraction industry towards sustainability.

Target Company Overview

Genomines, a pioneer in the field of Phytomining, has successfully raised $45 million in a Series A funding round to enhance its plant-based nickel production capabilities. The company’s innovative platform utilizes hyperaccumulator plants to extract nickel for batteries, offering a method that is faster, more economical, and environmentally friendly compared to traditional mining techniques. Renowned industry partners, including Hyundai Motor Group and Jaguar Land Rover, have already engaged with Genomines, demonstrating the industry's confidence in its technology.

The latest funding follows a previous seed round of $5 million and an additional $12 million in non-dilutive capital, consolidating Genomines’ total funding to $62 million. The capital will primarily be used to support pilot projects in South Africa aimed at scaling their extraction processes and securing significant off-take agreements with leading industrial stakeholders, further validating their market potential.

Industry Overview in South Africa

South Africa has long been recognized as a major player in the mining sector, particularly for its rich deposits of minerals such as gold, platinum, and nickel. However, conventional mining practices are often criticized for