Dallas-based recycling technology company Momentum Technologies has raised $20 million investment from Freestone Hold Co, a portfolio company of Dallas-based Tailwater Capital. The funding will enable Momentum to build two recycling plants which will be operational by the end of 2022.
Momentum was founded in 2016 with the aim to commercialize technology developed at the Oak Ridge National Laboratory based on membrane solvent extraction. The technology enables extraction of high-purity metals from e-waste and battery waste at low cost and with minium discharge of waste water. Momentum, which has an exclusive license to use the technology is looking both at recycling of rare earths and materials from lithium-ion batteries but will first target the latter.
Texas has become a hot battery market since Tesla relocated its head quarters and is about to open its fourth plant in Austin. Additional recyclers aim to start operations within one year.
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