Genomines Raises $45M for Plant-Powered Nickel Production
Paris-based startup Genomines has raised $45 million in a funding round led by Hyundai and Tata Motors. The company uses genetically optimized plants to extract nickel for electric car batteries, a process known as phytomining.
Genomines' method involves growing daisy and sunflower family plants on low-metal concentration soils. These plants, called hyperaccumulators, store nickel in their leaves and stems. The process takes just 1-2 years, compared to the 12-17 years required for traditional nickel mines, and costs 40-50% less to operate.
After harvesting, the plants are burned to extract nickel from the ash. This phytomining process can potentially be carbon neutral or even carbon negative, as the plants bind CO2 during growth. Genomines estimates that 30-40 million hectares of land worldwide are suitable for this method, which could increase nickel production by up to 14 times the current mined amount. Currently, the technology is being tested in a pilot project in South Africa.
Genomines' innovative phytomining process, backed by major automotive manufacturers Hyundai and Tata Motors, offers a faster, cheaper, and more environmentally friendly way to produce nickel for electric car batteries. As the technology scales, it could significantly increase nickel supply and support the growth of the electric vehicle industry.
