A Texas start-up that recently raised US$19 million of private equity funding to advance commercialisation of its novel lixiviant is among three companies chosen by Nomadic Venture Partners and Current for a new program aimed at ramping up deployment of “water-smart” mining innovations.
Nomadic, a Chicago and Denver-based venture capital firm, has teamed with Current, a nine-year-old water innovation-focused accelerator also based in Chicago, to work with a cohort of start-ups to boost market take-up of their technologies under their inaugural Mining Water Technology Pilot Program.
Maverick Metals, which is commercialising its LithX hydrometallurgy lixiviant, and Tikal Industries were selected to be part of the program, along with an unnamed start-up said to be in stealth mode.
Tikal produces a blended hydraulic cement it calls BlueCem from industrial waste including byproducts of water treatment operations at mines.
Maverick, which has Olive Tree Capital and Nomadic on its investor register, says LithX can be used in heap leaching of chalcopyrite and other refractory sulphides to boost copper recovery and solubilise valuable byproducts such as molybdenum, gold and silver, “transforming low-grade ore, tailings and smelter slag into high-value feedstock and expanding the accessible copper supply”.
Nomadic said the stealth start-up extracted metals from wastewater at operating and closed mines.
The three companies were selected from among more than 40 applicants.
“We want the mining of critical minerals to use less water, period,” said Nomadic co-founder Batchimeg Ganbaatar. “We’re thrilled to deliver support and mentorship to these leaders to help them deploy their technologies on mine sites and beyond. Because it’s a challenge to find eager early-adopters in this industry.”
Current CEO Alaina Harkness also heads the US National Science Foundation-funded Great Lakes ReNEW (Recovery of critical Elements, Nutrients, Energy and Water) Engine. Early in 2024 the foundation awarded Current “up to $160 million” over 10 years to lead and build the Great Lakes ReNEW engine. Harkness said it had supported more than 40 water start-ups commercialise products.
“Critical minerals are essential to our daily lives,” she said. “Our mission has been to focus on new ways of recovering these valuable resources in industrial wastewater. This will make our nation less dependent on foreign sources and our supply chains more resilient to shocks, from pandemics to wars.”
Ganbaatar said Mining Water Technology Pilot Program companies received mentorship, access to industry partners and direct support for pilot projects with mining companies.
The program is supported in part by the US Economic Development Administration’s Build to Scale Program.
