Sortera Alloys Announces $10 Million Funding Round to Advance End-of-Life Recycling of Automotive Metals
The company produces high-purity recycled alloys that reduce CO emissions₂ Emissions and helping customers achieve their circular production goals
FORT WAYNE, Ind., July 7, 2022 /PRNewswire/ — Sortera Alloys, Inc., an innovative industrial scrap sorting and recycling company powered by AI imaging, data analytics and advanced sensors, announced $10M in a financing led by Assembly Ventures with additional funding from Breakthrough Energy Ventures and Novelis. Sortera is dedicated to providing a solution for end-of-life circular recycling in the aluminum industry.
Sortera’s AI-powered technology allows existing streams of mixed aluminum alloy scrap to be separated into individual alloys. The upgraded metals can then be recycled into higher value applications, ranging from automotive cast and flat-rolled products to building, construction and aerospace material extrusions. The company’s scalable, low-cost production process enables customers to reduce their carbon footprint and achieve sustainability and circular production goals, as recycled aluminum requires approximately 95% less energy to produce than aluminum produced from virgin raw materials.
“We are thrilled to have this significant investment from Assembly, along with additional funding from Breakthrough Energy Ventures and Novelis,” said Michael Siemer, CEO, Sortera Alloys. “The funding will be used to help us scale our operations, grow the team, and provide high-quality automotive metal recycling.”
“Sortera Alloys is a technology-driven start-up that can only be created in the industrial heartland,” said Chris Thomas, co-founder and partner at Assembly Ventures. “For decades, automotive and manufacturing companies around the world have been striving to implement truly circular supply chains. Sortera is poised to optimize the efficiency of industrial and manufacturing supply chains and create true circularity of manufacturing inputs, in the western world.
The funding round follows a significant partnership with Novelis that will see Sortera supply a high-grade recycled alloy derived from automotive scrap to Novelis, which will remanufacture the material into high-recycled aluminum sheet material for the automotive industry.
“Partnering with Sortera will allow Novelis to further increase the recycled content of our products, particularly our automotive materials,” said Derek Prichet, Senior Vice President, Corporate Development at Novelis. “This will enable us to meet our own ambitious targets for reducing our carbon footprint, as well as helping our customers achieve their own sustainability goals.”
Sortera operates from a 10-acre production facility in Fort Wayne, Indiana, with plans to expand through the end of 2022. The company’s proprietary process recovers and reuses materials once destined for landfills or for recycling into shoddy composite products. The resulting high-quality recycled raw material is fed back into the more than $10 billion US aluminum alloy raw material market.
About Sortera Alloys, Inc.
Sortera Alloys brings state-of-the-art artificial intelligence and machine learning data analytics to the industrial scrap recycling industry. This disruptive technology drives new paradigms by generating new recycling products through advanced sorting methods. The creation of new recycled metal fractions from existing scrap metal recycling streams enables the domestic production of metals for manufacturing, thus reinforcing the strength of the circular economy. Situated at Fort Wayne, Indiana, Sortera is led by a team of seasoned innovators in the fields of advanced materials, electronic instrumentation and equipment development. For more information visit: www.sorteraalloys.com.
Statements made in this press release that describe Novelis’ intentions, expectations or forecasts may be forward-looking statements within the meaning of securities laws. Examples of forward-looking statements contained in this press release include Novelis’ continued increase in recycled content and its expectations to achieve carbon footprint reduction goals. Novelis cautions that, by their nature, forward-looking statements involve risks and uncertainties. We do not intend, and disclaim any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise. Material risk factors that could impact results are included under “Risk Factors” in the company’s Form 10-K filed with the Securities and Exchange Commission for the year ended. March 31, 2022.
SOURCE Sortera Alloys, Inc.