Watercycle Technologies is pleased to announce the closure of a $5.6 million Series A investment round led by Par Equity as part of a syndicate with Greater Manchester Combined Authority (‘GMCA’), Aer Ventures and the University of Manchester Innovation Factory. This investment will enable Watercycle to rapidly scale up and commercially deploy its technology to deliver sustainable, low-cost, high-yield mineral recovery systems.
Watercycle’s mineral recovery systems have received international traction from government bodies and businesses on every continent, targeting brine mining and battery recycling applications. The goal of the company’s proprietary technology is twofold: mitigating the growing critical mineral supply risks and fostering a circular economy in which waste is converted into value. The company is looking to deploy its innovative solutions, which will significantly impact the production of raw materials crucial for facilitating the green energy transition.
Dr Seb Leaper, co-founder and CEO, commented, ”It’s fantastic to have backing from such an excellent syndicate of investors who are strategically positioned to help Watercycle rapidly scale. With the continued support of our initial backers, the University of Manchester and Aer Ventures, along with new financial support provided by deep-tech veterans Par Equity and local champions, GMCA, Watercycle is in a stronger position than ever to deliver on its mission to provide the world with a sustainable supply of critical raw materials without which there is no sustainable future.’’
Since spinning out of the University of Manchester in 2020, the company has made remarkable progress from experimental conception to the successful implementation and operation of a pilot-scale system, resulting in the recent production of over 100 kg of battery-grade lithium carbonate. This development work has been funded by a combination of equity investment and highly competitive grant funding. The new funds raised will be pivotal in advancing the development of new products, strengthening existing commercial relationships, and forging new partnerships. This round has also attracted an Innovate UK Investor Partnership grant, which recognises the highly innovative and strategic nature of the company’s technology. It will fuel the company’s continued progress with plans to expand the existing team and bring on new talent.
The company was co-founded by Egyptian scientist and entrepreneur, Dr. Ahmed Abdelkarim, a recognised expert in water treatment technologies. He earned his PhD from the University of Manchester in 2018 and has led numerous pioneering projects at Watercycle, advancing the field of mineral extraction. Under his leadership, Watercycle has positioned itself at the forefront of technological innovation. Abdelkarim has also contributed to 12 patent applications and helped secure over $8 million in funding for the company within four years.
Ahmed Abdelkarim, Co-Founder and CTO of Watercycle, commented: “We are excited to propel the company towards mass production of critical minerals. Our achievements to date are a testament to the dedication, brilliance, and leadership of our exceptional team.”
Abdelkarim noted that Watercycle is currently in negotiations with various entities within the MENA region to implement their latest innovations in seawater desalination. These efforts aim to eliminate the brine disposal problem that desalination faces by selectively recovering the minerals that the brine contains and selling them into a range of strategic industries.
Elizabeth Young, Investment Manager at Par Equity, said: “There is an incredible wealth of talent and innovation emerging from universities in the North of the UK, with Watercycle Technologies serving as a prime example from the University of Manchester. We’re proud to support WT’s growth through investment and by connecting the business with experts from our network.
This mission-critical sector is vital for the UK as we work on addressing global challenges, particularly in securing essential mineral and water infrastructure. By supporting foundational technologies like Watercycle, we strengthen the UK’s innovative ecosystem and pave the way for the climate solutions of tomorrow.
WT is a perfect illustration of the talent in the North, and we hope to see this success inspire a new generation of startups in the region.”
Mayor of Greater Manchester, Andy Burnham, said: “This investment is a great example of how we’re supporting local innovation to strengthen Greater Manchester’s position as a leader in the low-carbon economy. It’s also about creating skilled jobs and building a greener, more sustainable future for Greater Manchester. Our investment in homegrown businesses like Watercycle Technologies reflects our commitment to becoming a cleaner and more prosperous city-region.”
Paul Dudley, Managing Partner from Aer Ventures, wrote, “We are delighted to have played a role in supporting Watercycle over the past couple of years. In this time the business has developed its cutting-edge technologies rapidly and can now provide important solutions to a range of customers in the Critical metals sector. Today we welcome new investors to help develop Watercycle further and look forward to continuing on-going success in the future.”
Roisin McCallion, Business Development & Investment Director for the University of Manchester Innovation Factory, commented: “We are delighted to continue supporting Watercycle Technologies on their journey to revolutionise sustainable mineral recovery. This Series A investment marks a significant milestone, not only for the Watercycle Technologies team but also for The University of Manchester’s wider mission to drive impactful innovation. Their pioneering technology has the potential to make a profound contribution to addressing critical mineral supply challenges and advancing the international transition to green energy. We look forward to seeing the company scale its solutions globally and make a lasting impact on the circular economy.”