Heaptalk, Jakarta — BaniQL, a startup developing nickel and cobalt extraction technology from laterite, secured its US$1.6 million seed funding round led by BEENEXT. Other investors participated in the round, including Seedstars International Ventures, A2D Ventures, Sopoong Ventures, and angel investors from the USA, Indonesia, Singapore, Malaysia, and the XA Network.
BaniQL will allocate this seed fund to a pre-pilot facility, expand the R&D and engineering team, and support general operations, including patent development, collaboration, and product development.
“We are excited to have the support of esteemed investors who believe in our technology and mission. We are confident that this funding will enable us to take the company to the next level and significantly contribute to the transition towards a more sustainable future for the critical minerals industry,” The CEO and Co-Founder of BaniQL, Willy Halim, said.
As the world transitions towards cleaner energy solutions, the demand for these critical minerals skyrockets. BaniQL aims to improve the nickel value chain with its US patent-pending sustainable technology. The company’s initial target market is Indonesia, which holds 25% of the world’s nickel reserves, and it is also working to penetrate the South Korean, Australian, and Philippine markets.
The battery raw materials market is expected to reach US$60 billion by 2030, and BaniQL’s vertical integration with materials processing could unlock an additional US$62 billion market opportunity. With a combined market potential of US$120 billion, the startup aims to capture a significant share of this market and generate around US$1 – US$3 billion in revenue.
BaniQL has already achieved significant milestones, including securing a US patent pending for its technology and establishing strategic partnerships with key industry players, such as one of the most important Indonesian mining companies with extensive experience in nickel mining and precursor engineering and distributor ROV. Co. Ltd in Korea. This partnership will provide the startup with valuable access to resources, expertise, and market networks as the company progresses toward commercialization.
“Their innovative technology has the potential to address the growing demand for nickel and cobalt sustainably and responsibly. We believe BaniQL has a strong and compelling vision, and we look forward to supporting them in their journey,” Partner at BEENEXT, Faiz Rahman, affirmed.
