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.

Schneider Electric Energy Access Asia (SEEAA), an impact fund managed by Schneider Electric, which leads in digital energy management and automation, alongside Spark+ Africa Fund, has closed a US$3.75M Series A funding round for ATEC. This funding will support the expansion of ATEC's market-leading IoT electric stoves across Asia and Africa. Other investors include DRW, Save the Children Global Ventures, Kibo Investments, and iDE.
 
SEEAA, a €21M investment fund managed by Schneider Electric, focuses on early-stage clean energy ventures in South and Southeast Asia. Gilles Vermot Desroches, Senior Vice President Corporate Citizenship at Schneider Electric and President of SEEAA, expressed excitement about supporting ATEC’s growth, emphasizing the social impact for rural and low-income households and the reduction of carbon emissions. He highlighted ATEC’s innovative use of IoT and carbon finance to democratize access to clean cooking.
 
ATEC’s unique stove generates verifiable and auditable carbon credits, addressing over-crediting issues in the current cookstove carbon markets. ATEC Co-Founder & CEO Ben Jeffreys noted that the company aims to expand partnerships with distributors and carbon buyers across Asia and Africa, with a vision of empowering 800 million women in the Global South to contribute to climate change mitigation and create income opportunities.
 
Recognized by UC Berkeley as one of the top five global cookstove carbon projects, ATEC has been a leader in decarbonizing cooking technology since 2019. As carbon markets demand more compliance and accountability, technologies offering fully auditable data will be crucial for market expansion in Africa and Asia.
 
Spark+ Investment Directors Peter George and Xavier Pierluca pointed out the increasing potential of electricity as a clean cooking option in Africa due to higher electrification rates and improved grid reliability. They believe that integrating IoT technology will reduce barriers to electric cooking, positioning ATEC as a leader in this emerging market.
 
With the Series A funding, ATEC plans to continue investing in R&D, especially in IoT and Web3.0 technologies, to benefit households in the Global South. Over the next decade, ATEC aims to generate 10 Gigawatt Hours of decarbonized cooking per day, potentially reducing carbon emissions by up to 10 million tons annually, equivalent to the emissions from 2.4 million petrol cars. This initiative will also significantly improve health outcomes for women and children by eliminating smoke from wood cooking.