San Jose-based TDK Ventures and Vancouver-based Pangaea Ventures led the funding round for the metals recycling company with Rhapsody Ventures, Collaborative Fund, FM Capital and BASF Venture Capital participating. PH7 said it plans to use the funds to scale the company and further develop and commercialize its critical-metal extraction and recycling processes. (The Logic)

Talking point: PH7 developed a closed-loop extraction process that it says could eliminate the need for toxic chemicals and high-temperature furnaces when mining and recycling metals such as platinum and copper. The demand for key metals is expected to rise as electric-vehicle demand soars, but traditional methods of critical-mineral extraction are not environmentally friendly. The company claims its process will reduce CO2 emissions by 95 per cent with nearly no water consumption.