BANIQL co-founder and CEO Willy Halim
BANIQL, a company developing a sustainable approach to nickel and cobalt extraction from laterites, has announced the closing of its US$1.6 million seed funding round.
BEENEXT led the round, which was participated by Seedstars International Ventures, A2D Ventures, Sopoong Ventures, and angel investors from the US, Indonesia, Singapore, Malaysia, and the XA Network.
The seed funding will be allocated to build a pre-pilot facility, expand the R&D and engineering team, and support patent development, collaboration, and product development.
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Founded by Willy Halim (CEO), Eric Januar (COO), and Seung Wan, BANIQL has developed innovative technology to make the extraction of nickel and cobalt sustainable and environmentally friendly. Nickel and cobalt are essential components in electric vehicle (EV) batteries and renewable energy storage.
Traditional extraction methods are often associated with significant environmental damage. BANIQL’s solution can reduce water and energy consumption, minimise chemical usage, and decrease the ecological footprint associated with nickel and cobalt extraction.
The initial target market is Indonesia, which holds 25 per cent of the world’s nickel reserves, according to Statista. The firm is also working to penetrate the South Korean, Australian, and Philippine markets.
BANIQL has secured a US patent pending for its technology and establishing strategic partnerships with key players in the industry, such as one of the largest Indonesian mining companies with extensive experience in nickel mining as well as precursor engineering and distributor ROV in Korea. These partnerships will provide the firm with access to resources, expertise, and market networks as the company progresses toward commercialisation.
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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, it aims to capture a significant share of this market and generate US$1-3 billion in revenue.
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