Korean VC, SOPOONG Ventures,  joined the seed investment round of Indonesian startup BANIQL. BANIQL is pioneering solutions for sustainable growth in related industries by revolutionizing processing techniques for nickel and cobalt, crucial for enhancing energy density in electric vehicle batteries and improving stability. This $1.4 million seed round, led by BEENEXT Capital Management, saw participation from Seedstars International Ventures, A2D Ventures, and angel investors from the US, Indonesia, Singapore, Malaysia, and XA Network.

BANIQL is a tech startup developing a fresh and sustainable approach to extracting nickel and cobalt from laterite. Established to meet the rising demand for these minerals, crucial for electric vehicle batteries, renewable energy storage, and other clean technologies, while offering responsible and eco-friendly solutions.

The battery raw materials market is forecasted to hit $60 billion by 2030, with a corresponding surge in nickel demand, a vital mineral in the battery industry. BANIQL, with its team’s deep understanding and network in Indonesia, home to the world’s largest nickel reserves, is pursuing its vision of enhancing battery raw material supply while minimizing environmental impact, costs, and supply chain risks.

BANIQL is conducting technology development at its US Silicon Valley headquarters and is presently filing patents in the US. Its innovative technology, situated in the US, a hub for electric vehicle manufacturing, is poised to attract significant attention as it meets burgeoning market demand while replacing environmentally damaging existing technologies. Additionally, BANIQL’s technology can reduce water and energy consumption, minimize chemical usage, and alleviate environmental pollution associated with nickel and cobalt extraction.

Willy Halim, CEO and co-founder of BANIQL, expressed delight at receiving support from promising investors who believe in their technology and mission. He affirmed that this investment would propel BANIQL to the next level and contribute to securing the future of sustainable mineral industries.

Partner at SOPOONG Ventures, Jo Yoonmin, stressed the significance of battery-related investments in their climate-focused investments, underscoring startups with future prospects within the battery ecosystem as strategic investment targets. He/She revealed plans to continue strategic investments in companies like BANIQL, possessing innovative technologies spanning from minerals to battery technology and end-of-life battery utilization in the battery sector.