British start-up Gigamine promises a “radical change” in efficiency and sustainability by developing new technologies and solutions for recycling lithium-ion batteries.

Plans include automated unloading and stripping as well as increased efficiency in second-life applications. It will also use renewable energy to build a sustainable circular battery material recovery system.

Gigamine says the UK will need 140 GWh of cell production by 2040 in order to meet its electric vehicle (EV) target. The company expects recycling to provide 20-25% of the cathode metals needed. Scalable recycling facilities, each referred to as a “node,” will respond to the rapidly emerging market opportunity for recycled materials, which is expected to grow significantly by 2024.

Gigamine intends to start building its first node this year and is exploring sites across the UK before announcing another node in the second quarter of this year. Over the next five years, Gigamine aims to operate six nodes across the UK, as well as a refinery converting dark mass into materials for reuse in cell manufacturing.

First backer 7percent Ventures led the round and was joined by a group of leading investors including Formula E racing founder Alejandro Agag.

“Creating an automated, scalable and sustainable electric vehicle battery recycling solution is a critical requirement for the circular economy and a significant global market opportunity over the next few years,” said Peter Cowan, Director of Gigamine. “We aim to be a leading player in this space and our collaboration with investors is an important step forward.”

And he adds: “We hope to make further announcements regarding our partners and customers in the coming weeks and we are delighted to attract the support of some of the biggest names in the industry.