Ceibo, a sustainable mining technology firm, recently revealed the conclusion of its Series B funding round, securing over $30 million. The raised funds are earmarked for advancing the development of its leaching technique, designed to extract copper in a more cost-effective and environmentally responsible manner.
Copper stands as a pivotal resource in facilitating the shift towards a low-carbon economy. With the imminent surge in demand due to the widespread electrification of energy, transportation, and industrial systems, innovative and eco-friendly extraction methods become imperative.
Based in Santiao, Chile, Ceibo specializes in a leaching process that enhances copper production while concurrently minimizing water usage and the environmental footprint associated with extraction. Although leaching is recognized as one of the more sustainable copper recovery methods, it was traditionally less effective for extracting copper located deeper within the Earth—where the majority of reserves are situated. Typically, these deeper reserves require resource-intensive concentration and smelting processes. Ceibo’s innovative approach extends the applicability of leaching to reserves that were previously unsuitable for this method. Notably, their process is designed for seamless integration into mining operations and utilizes existing infrastructure.
Energy Impact Partners, a venture capital firm dedicated to energy transition, spearheaded the financing. Other contributors include mining-focused investors such as CoTec Holding, Audley Capital, Orion Industrial Ventures, Unearth Capital, and Opalton, along with existing investors Khosla Ventures and Aurus Ventures.
In an exciting development, BHP Ventures, the dedicated venture capital unit of mining industry giant BHP, also joined as an investor as part of the funding round’s conclusion.
Cristóbal Undurraga, Ceibo CEO and Co-founder, said:
“This capital increase, together with the strategic support of investors like BHP Ventures, will help us accelerate plans to deploy our technology globally and meet society’s needs.”