Alta Resource Technologies, a pioneer in utilizing advanced biochemistry to transform mineral separation, announced it has raised $5.1 million in an oversubscribed seed round co-led by DCVC and Voyager Ventures, with participation from Orion Industrial Ventures, Overture, and WovenEarth Ventures.
Alta uses custom-designed proteins that act like microscopic robots to separate high-purity rare earth elements and other critical minerals with unprecedented selectivity and cost-effectiveness and is prepared to dramatically reduce the environmental footprint of mining while expanding access to essential raw materials. And as it emerged from stealth mode, Alta also announced that it had secured nearly $1 million in grant funding from the federal government, including the Department of Defense’s DARPA and the State of Colorado. Earlier funding was provided by Baruch Future Ventures and Climate Capital (now Juniper).
With demand skyrocketing for the critical minerals that power electric vehicles, consumer electronics, and advanced defense systems, the U.S. faces a supply crunch, remaining heavily dependent on imports, especially from China. And without new approaches, shortages of rare earth elements and other key metals threaten to derail the energy transition, stunt economic growth, and potentially undermine national security.
Alta’s advanced biochemistry platform, which utilizes technology licensed from Lawrence Livermore National Laboratory co-developed with collaborators, including researchers at Pennsylvania State University, represents a step-change over existing approaches. And the ability to tailor proteins to bind selectively to individual elements greatly expands the scope and scale of what’s possible in mineral separation and processing.
With its first products, the company looks to increase supplies of rare earth elements like neodymium and dysprosium – essential for electric vehicle motors, wind turbines, and defense technologies – by cost-effectively separating them from abundant low-grade sources and end-of-life products that cannot be processed using conventional methods.
The series seed financing will enable the company to expand its technical team, further develop and de-risk its platform in collaboration with Lawrence Livermore, and deploy it across a growing range of metal targets, ore types, and waste streams. And by unlocking new ways to provide high-purity, domestic critical minerals at previously unattainable low costs, Alta aims to catalyze a long-overdue mining technology revolution just as demand hits an inflection point.
KEY QUOTES:
“Biology has solved the problem of ultra-selective mineral separation over billions of years, but translating that into practical applications has been elusive – until now. Our technology leverages specially engineered proteins that can bind to specific metals with unprecedented selectivity, even at low concentrations in complex mixtures. By deploying these proteins in a continuous, scalable process, we can unlock vast untapped mineral resources here at home, strengthening our supply chains and national security while setting a new standard for environmentally responsible mining.”
– Alta Co-Founder and CEO Nathan Ratledge, PhD
“What fracking did for oil and gas technologically, Alta is poised to do for critical minerals, and the geopolitical and economic implications could be just as profound. It exemplifies our thesis that the deepest science and engineering can solve the hardest global problems and create immense commercial value at the same time. The market is clamoring for solutions, and Alta has assembled an unsurpassed team at the perfect moment to seize a generational opportunity.”
– James Hardiman, General Partner at DCVC
“Alta is pioneering an entirely new approach to critical mineral production through advanced biochemistry. The team has developed a breakthrough platform that combines advanced protein engineering with industrial-scale processing to extract and refine critical materials with unprecedented efficiency at breakthrough cost levels. This creates both an incredible business opportunity and a chance to secure strategic mineral supply chains. We’re thrilled to help build a company with such transformative potential.”
– Voyager Ventures Investment Director Leo Banchik, PhD
