Summary:
Alta Resource Technologies raises $5.1 million to enhance rare earth element extraction.
Innovative biochemistry platform uses custom-designed proteins for selective separation.
Nearly $1 million in grants secured from federal government and state support.
Demand for rare earth metals projected to grow at 10.4% CAGR from 2024 to 2033.
Technology aims to unlock untapped mineral resources while ensuring environmental responsibility.
Discovering a New Era of Mineral Extraction
Alta Resource Technologies, a Colorado-based startup, has successfully raised $5.1 million in an oversubscribed seed funding round, co-led by DCVC and Voyager Ventures. This funding aims to enhance the extraction of critical minerals, particularly rare earth elements like neodymium and dysprosium, essential for modern technologies including electric vehicles and wind turbines.
Innovative Biochemistry Platform
Alta has developed a unique biochemistry platform, leveraging technology licensed from the Lawrence Livermore National Laboratory and collaborating with researchers from Pennsylvania State University. The startup's technology utilizes custom-designed proteins that act as microscopic robots, enabling the cost-effective separation of high-purity rare earth elements from low-grade sources, which conventional methods cannot process.
Funding and Support
In addition to the seed funding, Alta has secured nearly $1 million in grants from the federal government, including support from the Department of Defense’s DARPA and the State of Colorado. Previous funding was also provided by Baruch Future Ventures and Climate Capital.
Growing Demand for Rare Earth Metals
The demand for rare earth metals is projected to grow at a 10.4% CAGR from 2024 to 2033. Currently, the only producing rare earth mine in the US is MP Materials’ Mountain Pass in California. The Department of Defense is actively pursuing strategies to develop domestic supply chains for these essential materials to ensure national security and economic stability.
A Vision for the Future
“Biology has solved the problem of ultra-selective mineral separation over billions of years, but translating that into practical applications has been elusive – until now,” said Nathan Ratledge, CEO of Alta. He emphasized that their technology can unlock vast untapped mineral resources domestically, strengthening supply chains while adhering to environmentally responsible mining practices.
Comments