The capital infusion, led by New Climate Ventures, includes support from industry backers such as Azolla Ventures, Humba Ventures, and Rio Tinto’s mining tech accelerator. FAST Metals intends to use these funds to optimize its proprietary hydrometallurgical system, which strips iron from low-grade feedstock like red mud. This process aims to address the four billion tons of caustic waste currently held in global stockpiles, potentially unlocking up to $4 trillion in trapped mineral value.

Under the agreement with Metalox, FAST Metals will begin processing one ton of red mud and iron-bearing waste per week at a Florida facility. CEO Dr. Sumedh Gostu, who founded the firm alongside Dr. Anthony Staley, noted that the technology provides an alternative supply chain for critical materials, specifically targeting markets in the U.S., Europe, and Australia. By converting environmental liabilities into a salable product, the company seeks to lower operating costs for miners while competing with established international supply networks.