Tidal Metals, a Hamilton, NJ-based deep-tech company, closed an $8.5m Seed funding round.
The round was led by DCVC with participation from First Spark Ventures and Bidra Innovation Ventures.
The company intends to use the funds for the development and construction of a commercial pilot plant to demonstrate its technology for extracting primary magnesium metal from seawater.
Led by Dr. Howard Yuh, CEO, Tidal Metals has developed technology that will produce magnesium metal at competitive prices using a carbon neutral and environmentally harmless process. Its patented technology concentrates and extracts magnesium salt in seawater using efficient physical processes such as filtration, crystallization, and dehydration, followed by electrolysis which converts magnesium salt into metal. These processes use only seawater and electricity. Nothing is added to the water, and no waste is generated. When powered by electricity from renewable sources, Tidal Metals’ magnesium will be fully sustainable, decarbonized, and virtually unlimited.
FinSMEs
20/09/2024