Magrathea, a San Francisco, CA-based company developing technology for the production of carbon neutral metal from seawater and brines, raised $10M in Seed funding.
The round was led by VoLo Earth and Capricorn Investment Group with participation from Valor Equity Partners, Exor Ventures, Counteract, Hyperguap, Necessary Ventures, Untitled, EQT Foundation, Michael Liebreich, Kunal Sinha, Jane Woodward, Peter Fiske, Richard Tite, Apoorv Bhargava, Vivas Kumar, Peter Reinhardt, Fabien Koutchekian, Guillaume LaLiberté, Avichal Garg, and Sam Altman.
The company intends to use the funds to expand operations and its business reach.
Led by CEO Alex Grant, Magrathea is developing a new generation of electrolytic process for making carbon neutral metal from seawater and brines. The company already built a magnesium foundry and produced kilograms of metal from seawater and other sources within its first year. It is now preparing to create a demonstration plant to prove out its electrolysis cell and will build its commercial smelters in the US and Europe.