Genomines is a pioneering company that is transforming the future of metal extraction by utilizing innovative, plant-based farming techniques. Recently, the company announced that it has successfully raised an impressive $45 million in its Series A funding round. This achievement is noteworthy as it represents a substantial shift in how the world will source essential metals. Instead of relying on traditional mining practices, which are known for their high emissions and environmental impact, Genomines is moving towards more sustainable and scalable agricultural methods.
This Series A funding follows a previous seed round where the company raised $5 million, in addition to $12 million obtained through non-dilutive funding sources. These sources included support from BPI France, particularly through its i-Demo and Aide au Développement Deeptech programs. With a total capital raised amounting to $62 million, Genomines is now well-equipped to expedite the deployment of its groundbreaking solutions. The fresh funds will primarily be used for large-scale demonstrations of nickel production using genetically enhanced plants and to secure significant contracts with commercial partners.
At the center of Genomines’ groundbreaking technology is a unique process known as phytoextraction. This method utilizes specially engineered plants, known as “hyperaccumulators,” which possess the remarkable ability to absorb and concentrate metals, such as nickel, from the soil. After these plants are harvested and processed, they yield battery-grade metals much more efficiently and at a lower cost compared to traditional mining methods. Furthermore, this plant-based process generates significantly lower emissions, which is a critical advantage in today’s environmentally-conscious marketplace.
The effectiveness of Genomines’ technology has already been validated in various projects. In fact, it has been reported that their platform has more than doubled the yields of nickel and increased biomass productivity. These impressive results have caught the attention of major automakers, including Hyundai Motor Group and Jaguar Land Rover, who are actively engaging with Genomines to explore potential collaborations. The company is also collaborating with refiners, battery manufacturers, and commodity traders, thereby further expanding its network and influence within the industry.
One of the most significant benefits of Genomines’ approach to metal extraction lies in its ability to operate in ways that traditional mining cannot. For instance, Genomines can transform non-productive land—areas that are not suitable for conventional farming but rich in metal content—into valuable economic assets. Additionally, the company can establish farming operations within a much shorter timeframe. Whereas traditional nickel mines can take anywhere from 12 to 17 years to become operational, Genomines can achieve this in just one to two years. This efficiency is crucial in meeting the growing demand for metals in various industries.
Genomines also stands out due to its commitment to cleaner and more traceable extraction processes. The company can maintain operational costs that are 40 to 50 percent lower than those of traditional mining operations thanks to its innovative farming methods. Moreover, Genomines can deploy smaller, capital-efficient assets, avoiding the financial burdens often associated with large, capital-intensive mining operations.
The company’s leadership team is equally impressive. Co-founders Fabien Koutchekian and Dr. Dali Rashid bring a wealth of experience and expertise to Genomines. Dr. Rashid, the company’s Chief Technology Officer, holds a PhD in Plant Biotechnology and Genetics. Her research, which was published in reputable scientific journals, has laid the groundwork for Genomines’ innovative technology. Koutchekian, who has entrepreneurial experience in deep tech, previously served as an entrepreneur in residence at a prominent global accelerator. This program, known as Entrepreneur First, helps nurture promising startups and is backed by notable investors.
Together, Koutchekian and Rashid have assembled a talented management team with decades of experience in mining, project finance, and mergers and acquisitions. They also have significant backgrounds in scaling agricultural operations, particularly across South Africa. Currently, Genomines employs a dedicated team of 23 full-time staff members, including six PhDs focused on research and development, as well as a rapidly growing operational team based in South Africa.
KEY QUOTES:
“Our mission is to harness plant biotechnology to extract resources essential for clean energy technology via scalable processes that preserve biodiversity, soil health and human well-being. Our vision is to create an entirely new industry of plant-based metals. Genomines unlocks a scalable new resource base – we can fundamentally rebalance global mineral supply chains for decades to come.”
Fabien Koutchekian, co-founder and CEO of Genomines
“The supply for battery materials is growing increasingly constrained, with our ability to meet demand in the 2030s under significant pressure. Genomines unlocks an entirely new set of resources for battery materials, starting with nickel. Genomines has demonstrated the full value chain of their process and holds the promise to build a more resilient nickel supply chain with the ability to produce across geographies at lower cost than traditional mineral extraction. By genetically enhancing plants to cost-effectively mine nickel, this talented team has the opportunity to fundamentally transform global mineral extraction.”
Michael Kearney, General Partner at Engine Ventures and Genomines Board Member
“Genomines’ technology leverages underutilized assets by extracting nickel from low-concentration soils that don’t compete with traditional agriculture. Coupled with a structural cost advantage, Genomines is well equipped to fundamentally change the way we extract critical metals, and do it in a significantly more sustainable manner. We are excited to be part of the journey and support the team to achieve its ambitious targets.”
Alex Hoffmann, General Partner at Forbion and Genomines Board Member
