What’s at stake: Aspiring Materials is raising $10m in a seed round after learning the magnesium it produces can be used in high-quality magnesium used for making alloys for airplanes, cars, and spacecraft.
Background: The cleantech startup was set up in 2019 and has developed a patented process that takes globally abundant olivine rocks and produces critical minerals such as magnesium, silica, and a nickel-cobalt-manganese hydroxide.
Main players: Aspiring Materials, Big Blue Technologies, Breakthrough Energy programme, Elemental impact.
The team at Christchurch-based Aspiring Materials got the email they had been waiting for last week: confirmation that the magnesium it produces from olivine rock can be used as a component in alloys for car, airplane, and spacecraft manufacturing.
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Key points
What’s at stake: Aspiring Materials is raising $10m in a seed round after learning the magnesium it produces can be used in high-quality magnesium used for making alloys for airplanes, cars, and spacecraft.
Background: The cleantech startup was set up in 2019 and has developed a patented process that takes globally abundant olivine rocks and produces critical minerals such as magnesium, silica, and a nickel-cobalt-manganese hydroxide.
Main players: Aspiring Materials, Big Blue Technologies, Breakthrough Energy programme, Elemental impact.
