Will Barker and his team raised seed and early-stage funding to build a pilot plant; they later closed a US$65 million Series C in 2023 after demonstrating their bio-refinery technology for recovering metals from e-waste.

Early partners were e-waste recyclers and other material suppliers. Their process is designed to extract precious and critical metals like gold and copper from printed circuit boards and other electronic scrap.

Startup Rollercoaster

The Spark

Will Barker, drawing on his experience at clean-tech pioneer LanzaTech, founded Mint Innovation in Auckland in 2016 with co-founders including Ollie Crush. The company’s mission was to provide a low-carbon, local alternative to traditional smelting by using biotechnology and green chemistry to recover valuable metals from electronic waste.

The Peak

Mint Innovation built its first pilot plant at Outset Ventures in New Zealand to validate the process. Demonstrating technical feasibility helped secure backing for a commercial-scale demonstration plant in Sydney, which opened in 2022. This showcase facility proved Mint’s process could operate economically at near-industrial scale, processing thousands of tonnes of circuit boards annually.

The Drop

Transitioning from lab-scale to commercial deployment required overcoming significant hurdles. Scaling microbial and chemical processes meant ensuring consistency, reliability, and safety at higher volumes. Capital requirements were large, and the company needed to balance R&D investment with proving near-term commercial viability.

The Reset

With the Sydney demonstration plant proving successful, Mint closed a US$65 million Series C round in 2023 led by international investors. This capital enabled further plant construction, strengthened partnerships with recyclers, and advanced development for entry into new markets.

The Discipline

Mint Innovation invested continuously in R&D, refining its proprietary process to maximise recovery yields while minimising environmental impact. The company built partnerships with recyclers, waste companies, and governments to secure reliable feedstock. It also emphasised sustainability — positioning itself as a “green mining” alternative that reduces reliance on traditional ore extraction and keeps value within local economies.

The Climb

By 2023, Mint had scaled operations with its Sydney facility and announced plans for plants in Europe and North America. A proposed site in Texas marked its entry into the United States. The company’s model — small, urban bio-refineries co-located near waste streams — positioned it as a leader in the circular economy, offering a sustainable solution to the growing global e-waste challenge.

Read more

• https://outset.ventures/from-e-waste-to-gold-mint-innovations-sustainable-solutions/
• https://www.mint.bio/about
• https://www.nbr.co.nz/tech/mint-innovation-raising-88m-as-it-moves-into-ev-batteries/
• https://resource-recycling.com/e-scrap/2024/10/17/smelter-alternative-gears-up-for-us-entrance

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