pH7 Technologies this week announced the oversubscribed close of its Series B financing round.
The Vancouver-based innovator raised US$32 million in equity, with new backing from Asahi Kasei and the Circular Innovation Fund building alongside previously announced investors including Fine Structure Ventures and BHP Ventures.
pH7 also secured venture debt financing from RBCx, bringing the total financing package to approximately CAD$55 million.
Proceeds from the financing will accelerate commercialization of pH7’s extraction technology for the mining sector, according to a statement from the firm, beginning with copper.
This includes an expansion of pH7’s operating metals processing facility in Vancouver.
The company’s technology enables operators to recover metals from low-grade ores, tailings, and other previously uneconomic feedstocks, unlocking new sources of copper, nickel, gold, and platinum group metals.
“The constraint isn’t discovery, it’s how we process what we’ve already found,” explains chief executive officer Mohammad Doostmohammadi.
“This oversubscribed financing validates that unlocking value from existing resources is now an economic and strategic priority,” he said. “We are accelerating from pilot to commercial deployment globally, enabling producers to recover critical minerals from materials that were previously uneconomic—while enabling regionalized, on-site metal processing closer to the source of production.”
pH7 is “applying electrochemistry and process engineering in a compelling way to help secure a more resilient supply of critical minerals by recovering value from resources that have traditionally been uneconomic to process,” believes Takashi Morishita, Managing Director at Asahi Kasei CVC.
“We are pleased to support pH7 as it moves toward larger-scale deployment, and we look forward to sharing our longstanding expertise in electrolysis as the company enters its next phase of growth,” Morishita stated.
Andrée-Lise Méthot, Founder and Managing Partner at Cycle Capital, says pH7 is “addressing a critical challenge at the heart of the energy transition: the growing gap between surging demand for critical metals and increasingly constrained global supply.”
“As industries accelerate decarbonization, we believe scalable technologies that can recover high-value metals from existing waste streams will play a pivotal role in securing resilient and sustainable supply chains,” Méthot remarked.
pH7 was founded in 2020.