Fast Metals is treating waste with more waste to extract critical minerals
Startup Fast Metals has raised $4.3 million to develop a process that extracts critical minerals like titanium and rare earth elements from industrial aluminum waste. By using one waste stream to treat another, the company aims to make the recycling of 'red mud' economically viable.
Why it matters
This technology could turn massive environmental liabilities into sources for essential minerals, supporting both sustainability and supply chain security.
Aluminum has left an indelible mark on the world — more than 3 billion tons of red mud, a waste product of the refining process, are currently stored in open-air ponds or mounds. But to Sumedh Gostu, co-founder and CEO of Fast Metals , there’s treasure in the caustic waste.
“It is a very rich resource,” he told TechCrunch. “If you attack with the right chemistry, it can be very profitable.”
Gostu thinks Fast Metals has found that chemistry, which just so happens to be partially comprised of another waste stream, also produced from alumina refineries.
The startup recently raised a $4.3 million pre-seed round led by New Climate Ventures with participation from Azolla Ventures, Astor Swiss, and Rio Tinto’s accelerator, Founders Factory.
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