Cuprum Metals Inc., a technology company headquartered in Delaware, has successfully completed a US$19.4 million Series A financing round. The investment was led by the Lundin Family Office, with participation from Woodline Partners and BHP Ventures.

The newly raised capital will be used to advance the commercialization and scale-up of Cuprum's proprietary leaching technology. The process has already delivered encouraging results in pilot-scale programs involving primary, secondary, and oxide copper ores using both heap-leach and vat-leach methods.

Cuprum's innovative system employs a water-based chemical leaching process that can operate with either fresh water or seawater. The technology achieves high copper recovery rates while significantly reducing processing times. It is particularly effective in extracting copper from chalcopyrite and other minerals that have traditionally been difficult to leach, while also lowering both capital expenditure and operating costs. According to founder, chairman, and CEO Roger Pettman, the company is now concentrating on scaling the technology and broadening its use across a wider range of copper projects with the support of its investors.

Investor Perspectives
The Lundin Family Office noted that it is pleased to lead the investment and support a technology that could deliver substantial benefits to the copper sector. As global copper demand continues to increase, solutions that enhance resource recovery and improve operational efficiency are expected to become increasingly important. The organization expressed its commitment to supporting Cuprum's growth alongside Woodline Partners and BHP Ventures.

BHP Ventures highlighted that technologies capable of maximizing value from existing mineral resources and improving processing performance align closely with its investment strategy. The firm believes Cuprum's chemical leaching approach could create additional recovery opportunities and provide greater flexibility in developing a variety of ore deposits.

Woodline Partners stated that Cuprum's technology represents one of the most adaptable solutions available to address the copper industry's growing supply challenges. The firm was particularly impressed by the technology's ability to rapidly recover copper from diverse feedstocks—including sulfide ores, smelter slags, and tailings—without relying on thermal treatment or biological processes. Woodline expressed enthusiasm about supporting the company's continued expansion and technology deployment.

Technology Performance
Cuprum's leaching process has demonstrated strong performance under ambient temperature and pressure conditions when applied to sulfide ores. In tests involving predominantly chalcopyrite-bearing material, copper recoveries have generally exceeded 75% within approximately 100 days. The technology is designed to work across a broad range of ore types and has also proven effective for oxide ores, while requiring lower acid consumption than conventional oxide leaching methods.

The company has conducted testing on ore samples from mining operations in South Africa, the United States, Chile, and Australia, consistently achieving positive outcomes. In addition, the technology has shown promising results in recovering copper from both primary and secondary sulfide tailings. By eliminating the need for heating, the process opens new opportunities to extract value from previously processed materials and promotes more efficient utilization of existing mineral resources.

The Series A funding will be used to support commercial deployment activities, strengthen technical capabilities, recruit additional talent, and expand Cuprum's customer base as the company moves toward broader industry adoption.

LyondellBasell (LYB) has secured a €40 million grant from the European Union (EU) Innovation Fund to support the establishment of an advanced recycling demonstration plant in Wesseling, Germany. The project, known as the MoReTec plant, is among the 41 initiatives chosen in the EU Innovation Fund's 'Third Call for Large Scale Projects.' As part of its commitment to funding innovative clean-tech endeavors for decarbonization, the EU is allocating EUR 3.6 billion for such projects.
 
Jim Seward, EVP and Chief Innovation Officer, expressed enthusiasm for the EU Innovation Fund's backing, emphasizing the significance of investing in the MoReTec technology's development. The planned industrial-scale recycling plant will serve as a valuable platform for gaining operational experience and enhancing technological expertise crucial for the technology's future scaling and commercialization.
 
The MoReTec technology stands out for its innovative approach to recycling polyolefin waste, producing pyrolysis oil and pyrolysis gas. The former serves as a substitute for fossil-based materials in polymer production, while the latter, traditionally used as fuel, is efficiently recovered by the MoReTec process. This recovery contributes to polymer production and reduces reliance on fossil-based feedstocks, resulting in lower CO2 emissions.
 
The technology's core reaction process is electrified, enabling the entire unit to operate on renewable electricity. The single train design, scalability, low operating temperatures facilitated by catalysts, and innovative heat transfer design provide additional advantages, allowing MoReTec to achieve high plastic-to-plastic conversion rates. This capability enhances the circularity of plastic waste, aligning with sustainability goals.
 
The MoReTec demonstration plant in Germany aims to convert post-consumer plastic waste into feedstock for new plastic materials under the CirculenRevive brand. These products, catering to various applications such as medical and food packaging, will contribute to a circular economy. With an annual processing capacity equivalent to the plastic packaging waste generated by over 1.2 million German citizens, the MoReTec plant is scheduled to commence operations in 2026.
 
The EU Innovation Fund, financed by revenues from the EU Emissions Trading System (EU ETS) allowances auction, plays a pivotal role in supporting the demonstration and commercialization of innovative low-carbon technologies. As part of the European Green Deal Industrial Plan, it remains one of the world's largest funding programs dedicated to this purpose.