1. Startups

Nickel and Laterite Extraction Technology Developer Startup BANIQL Announces Initial Funding

The funding value reached IDR 22,4 billion led by BENEEXT with the participation of Seedstars, A2D Ventures, XA Network, and a number of angel investors

The startup developing nickel and cobalt extraction technology from laterite, BANIQL, announced the closing of initial funding worth $1,4 million or the equivalent of IDR 22,4 billion led by BENEEXT. A number of investors participated, among others Seedstars International Ventures, A2D Ventures, XA Network, and a number angel investors from the United States, Indonesia, Singapore, and Malaysia.

One of BANIQL's products is an important component in electric vehicle batteries and other environmentally friendly energy storage technologies. The company also claims to have obtained a patent in the US for the technology developed. With 25% of the world's nickel reserves, Indonesia will be the company's initial market and main target --- then they also plan to enter other countries such as South Korea, Australia and the Philippines.

BANIQL Technology offers a sustainable and efficient alternative extraction approach to traditional methods, which are often associated with environmental damage. The developed process has the potential to reduce water and energy consumption, minimize chemical use, and reduce the ecological footprint.

"We are thrilled to have the support of investors who believe in our technology and mission. This funding will allow us to take BANIQL to the next level and make a significant contribution to the transition towards a more sustainable future for the industry," said BANIQL Co-Founder & CEO Willy Halim.

Market potential of the transition to renewable technologies

As the shift towards clean energy continues, demand for this essential mineral is soaring. The battery raw materials market is expected to reach $60 billion by 2030. Vertical integration in the industry opens up additional market opportunities of $62 billion. With a combined market potential of $120 billion, BANIQL is looking to capture market share with the potential to reap $1-3 billion in revenue.

BANIQL has also established strategic partnerships with key players in this industry, such as one Indonesian mining company and ROV distributor. Co. Ltd in Korea. This partnership will provide them with valuable access to resources, expertise and market networks as the company moves towards commercialization.

"We are thrilled to support BANIQL in their mission to revolutionize the critical minerals space. Their innovative technology has the potential to address the growing demand for nickel and cobalt in a sustainable and responsible manner. We believe BANIQL has a strong and compelling vision, and we look forward to supporting they are on their way,” said BEENEXT Partner Faiz Rahman.

Strong founding team

The BANIQL team combines diverse expertise from chemical engineering, materials science, battery technology, logistics and facilities management. CEO and Co-founder Willy Halim, a UC Berkeley and Cornell graduate from Indonesia, specializes in electric vehicle battery research. COO and Co-founder Eric Januar, also from Indonesia, brings 12 years of experience in electronics, battery and semiconductor R&D, with success exit at the previous startup.

Co-founder Seung Wan Kim contributes 15 years of battery industry experience and a strong network within Korean battery manufacturers Samsung, Hyundai, and LG. Co-founder Aristotle Vergara offers more than 20 years of logistics and facilities experience, playing a key role in finding a suitable space for the company's proof of concept and contributing to experimentation, prototyping and infrastructure development.

Through the fresh funding, the company will build pre-pilot facilities, expand its R&D and engineering teams, and support general operations, including patent development, collaboration, and product development.

"Our team has worked hard to develop technology that not only addresses the growing demand for nickel and cobalt, but also prioritizes sustainability and environmental responsibility," said BANIQL Co-founder & COO Eric Januar. "This funding round is an important milestone for us, as it allows us to accelerate our efforts and make a lasting impact on the future of battery production and sustainable mining practices."

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