Fast Metals is treating waste with more waste to extract critical minerals
Aluminum has left an indelible mark on the world — more than 3 billion tons of red mud, a waste product of the refining process, are currently stored in open-air ponds or mounds. But to Sumedh Gostu, co-founder and CEO of Fast Metals, there’s treasure in the caustic waste.
“It is a very rich resource,” he told TechCrunch. “If you attack with the right chemistry, it can be very profitable.”
Gostu thinks Fast Metals has found that chemistry, which just so happens to be partially comprised of another waste stream, also produced from alumina refineries.
The startup recently raised a $4.3 million pre-seed round led by New Climate Ventures with participation from Azolla Ventures, Astor Swiss, and Rio Tinto’s accelerator, Founders Factory.
Red mud’s vermillion hue comes largely from rusted iron, which is the most common compound in the mix. But the byproduct also contains critical minerals, including...
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