MiningInsights, October 3, 2023
Atlas Materials has ushered in a new chapter in nickel processing for EV batteries, securing a whopping US$27m in their Series A funding round. The company introduced a cutting-edge process technology that promises ultra-low emission battery nickel production on a commercial scale.
Dubbed the "Atlas Process," it boasts near-zero CO2 emissions, no waste, and a staggering 50% surge in ore availability for crafting battery-grade nickel. Notable climate tech investors backing this venture include the Grantham Environmental Trust and Voyager Ventures.
The funds raised are earmarked for design, engineering, and gearing up for the launch of Atlas’s first commercial-scale facility, Electra. Poised to roll out in 2027, Electra pledges an annual nickel production of 1,800 tons in North America.
With a top-tier management squad at the helm, Atlas is collaborating with global nickel magnates to bring Project Electra to life, gaining expertise from stalwarts like Hatch, SGS, and NewPro Engineering.
The Atlas Process, a game-changer, employs tried-and-true processing techniques to extract nickel from saprolite ore, vital for EV battery manufacture. Historically, saprolite ores, making up a third of global nickel reserves, remained untapped for battery-grade applications.
Running on renewable energy, the process's carbon footprint is minuscule, with a projected 0.1 ton of CO2 for every ton of nickel. Remarkably, the Atlas procedure functions at atmospheric pressures and temperatures.
Electra's production roster includes 1,800 tons of nickel in MHP (a pivotal battery material), alongside marketable magnesium hydroxide (+99% purity) and supplementary cementitious materials (SCM). The latter holds potential to offset emissions in other sectors. Magnesium hydroxide finds its applications in flame retardants and environmental endeavors, while SCM can be a substitute for Portland Cement, trimming costs and significantly slashing carbon footprints in new structures.
Given the soaring demand for battery nickel, projected to surge 20 to 25 times by 2040 by the IEA, Atlas's innovation couldn't be timelier. Estimates forecast a gaping deficit in battery nickel supply, with a staggering 900,000 tons annually by 2030.
Atlas's CEO and co-founder, Jeremy Ley, expressed his elation, stating, "This significant milestone underscores our technology's traction as a sustainable nickel production solution. Our relentless R&D has showcased sustainable nickel production as a reality. With this funding, Atlas is set on the commercial production path, and we're leading the charge in nickel industry decarbonization."
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