Queensland spinout Pure Battery Technologies will use the cash to design and build production plants for its acid-leaching-based battery material manufacturing process.
Pure Battery Technologies, an Australia-based battery material technology spinout from University of Queensland, has obtained A$1.7m ($1.3m) from undisclosed investors.
Founded in 2017, Pure Battery Technologies is developing an acid leaching-based process for extracting and producing battery materials such as nickel and cobalt for industries such as electric vehicle manufacturing.
The process, which involves separating metal from ore with a solution containing acid, is intended to be cheaper than existing alternatives.
The funding has been allocated for expansion projects including a pilot manufacturing facility scheduled to begin producing samples by the start of 2019.
Money will also be used to complete feasibility work on a large manufacturing project in Townsville, Queensland with the potential to generate 100 jobs.
The spinout is receiving support from state government-owned trade agency Trade and Investment Queensland, which is hosting an event in the UK for industrial stakeholders including EV manufacturers and battery manufacturers later this month.
Pure Battery Technologies is commercialising research performed by James Vaughan, director of UQ RT Bauxite and Alumina Technology Centre, a partnership between University of Queensland and mining company Rio Tinto, as well as Will Hawker, a hydrometallurgy lecturer at the university.