Zincovery - Investment Notes
At Motion Capital, we are thrilled to be leading $10m of investment into Zincovery, a groundbreaking process technology company that significantly reduces the emissions and cost associated with zinc dust recycling.
Traditionally, extracting zinc from electric arc furnace dust is conducted in energy-intensive Waelz kilns that require large amounts of coal and at significant cost. Zincovery’s innovative alternative technology utilizes hydrogen as a reductant in combination with a unique acid leaching process, slashing CO2 emissions by 95% and reducing recycling cost by 45%.
The team is out of the lab and has now built an impressive pilot plant in a University of Canterbury carpark, proving the viability of the technology & producing 10 tonnes of recycled zinc annually. The next step is the construction of a small commercial plant in Melbourne, which will produce 1,000 tonnes of zinc p.a. and for which customers have already signed binding offtake agreements.
As the steel industry shifts towards more sustainable practices due to consumer and regulatory pressure, the need for recycled & decarbonised zinc, free from the heavy carbon footprint of traditional recycling methods, is more pressing than ever. Zincovery has already secured over USD$100 million p.a. in signed letters of intent from eager customers, a testament to the significant demand and opportunity.
Our due diligence team conducted extensive due diligence and we were consistently impressed by the Zincovery team’s deep knowledge and strategic vision. Led by CEO Jonathan Ring, CTO Prof. Aaron Marshall and guru Dr Leatham Landon-Lane, Zincovery is an exceptional group of individuals that we are proud to be associated with.
One key customer noted to us “there is no reason why Zincovery can’t put Waelz kilns out of business and capture the full $10bn revenue opportunity”. We’re excited to be working with Zincovery to make it happen.
