Barnikle, a startup with battery raw material processing technology, announced that it has secured additional seed investment from global venture capital firm 500 Global, Japan-based Genesis Ventures, and Singapore-based BEENEXT.
Barnicle, a Silicon Valley-based startup, is conducting pilot production based on its proprietary technology at its local R&D center. In Indonesia, it operates a production line capable of producing nickel prototypes in tons per year. Through its Korean subsidiary, Barnicle is expanding into the Asian market and strengthening its global partnerships.
Nickel is a critical raw material for the production of electric vehicle batteries and energy storage systems (ESS), and Indonesia boasts the world's largest nickel reserves. Barnicle aims to meet the growing global demand for battery raw materials through its local production infrastructure, while also diversifying the global nickel supply chain, currently concentrated in China.
The company has developed its own proprietary technology, which features lower initial and operating costs, reduced energy and chemical usage, and a minimal environmental impact compared to conventional high-pressure acid leaching (HPAL) processes. Furthermore, the company is pursuing a Net-Zero Waste strategy, utilizing byproducts generated during the process as fertilizer or construction materials. This strategy is considered an environmentally sound alternative to conventional processes, which generate 100-150 tons of waste per ton of nickel produced.
“Barnicle has the technological capabilities to produce key raw materials for electric vehicle batteries more sustainably and without supply chain risks,” said Shin Eun-hye, a senior partner at 500 Global, which led this investment. “We expect that their global network and expertise spanning Silicon Valley, Indonesia, and Korea will lead to future results.”
“With this investment, we plan to accelerate technological advancements, expand pilot production, and collaborate with global customers,” said Willy Halim, co-founder and CEO of Barnicle. “We will contribute to the sustainable transformation of the core minerals industry.”
Meanwhile, 500 Global, which participated in the investment, is a global multi-stage venture capital firm with approximately KRW 3 trillion in assets under management (AUM). It has invested in over 3,200 startups in over 80 countries, discovering over 50 unicorn companies. Since establishing its first Korean fund in 2015, it has invested in over 100 domestic startups, including Finda, People Fund, Spoon Radio, OP.GG, and H2O Hospitality.
- See more related articles
You must be logged in to post a comment.