A Vancouver-based cleantech company is ramping up its push into the global mining sector after securing nearly $32 million USD in Series B funding, signalling growing investor confidence in technology that could reshape how Canada and other nations secure critical minerals.
pH7 Technologies announced the final close of its Series B round in late March, bringing total equity funding to $55 million. The company also secured $7.5 million in venture debt from RBCx, giving it more than $39 million in total capital to accelerate commercialization of its proprietary metal extraction technology.
The funding surge reflects intense global competition for critical minerals—metals essential to everything from smartphone components to electric vehicle batteries. China currently dominates extraction and refinement markets, creating significant supply chain vulnerabilities for Canada, the United States, and other nations increasingly focused on industrial sovereignty.
Technology Poised for Real-World Testing
pH7 has developed a closed-loop, organic electrochemical process that extracts high-value metals like copper and platinum from low-grade ores, mining tailings, and waste materials once considered economically worthless. The company operates a 30,000 square-foot demonstration facility in Burnaby, BC, which CEO Mohammad Doostmohammadi said is already generating "meaningful revenue" while processing ores from more than 20 partners, including mining giant BHP.
"What we're trying to do with pH7 is close this supply gap," Doostmohammadi told BetaKit in an exclusive interview. "We are at the intersection of climate tech as well as critical metal and supply chain resilience, so that helped."
The company claims its process is cheaper and more environmentally friendly than traditional extraction methods, positioning it as a sustainable alternative to conventional mining practices.
Scaling Operations Starting 2027
pH7 plans to begin deploying its technology directly at mining sites in 2027 and 2028, starting with copper and gold operations. The company also intends to establish new recycling facilities globally focused on platinum group metals—precious materials heavily used in electronics manufacturing.
The Series B round attracted investors including Japanese chemical manufacturer Asahi Kasei, mining corporation BHP Ventures, and the Circular Innovation Fund. Fine Structure Ventures led the round, with support from Energy & Environment Investment, Siteground, Gaingels Fund, and Calm Venture. Previous backers TDK Ventures, Pangaea Ventures, Rhapsody Venture Partners, and BASF Venture Capital also participated.
Doostmohammadi noted the 40-person company exceeded its initial $30-million fundraising target despite navigating a challenging capital markets environment. He declined to disclose the company's valuation but confirmed the Series B was an up round relative to its $16-million Series A.
Critical Demand Driving Investment
Surging demand for critical minerals is being fuelled by rapid growth in artificial intelligence data centres, accelerating clean energy transitions, and increased defence spending globally. For Canada—home to significant mineral reserves but limited processing capacity—technology like pH7's could prove strategically important for reducing dependence on foreign refineries and strengthening domestic supply chains.
This story was adapted from reporting by BetaKit. Read the original article here.