Davencor Holdings has invested in the start-up, which is a University College Dublin spin-out.
Licovolt, a University College Dublin (UCD) spin-out that has developed a chemical compound and process to recycle minerals from batteries, has secured investment from Davencor Holdings, the family office of John Corcoran, the founder and former CEO of Davenham Switchgear, a global leader in the electrical and data centre industries.
Licovolt, which is based at NovaUCD, was founded in 2024 by UCD scientists Dr Tony Keene and Dr Steven Ferguson, and mining and processing entrepreneur Clint Zahmel.
The start-up’s patented chemical compound and process can extract critical minerals from spent battery material and black mass at a fraction of the cost and emissions of current methods.
Speaking to SiliconRepublic.com earlier this year, Licovolt executive director Clint Zahmel claimed that the start-up’s process “enables the infinite recycling of these critical minerals”.
This creates an opportunity for organisations manufacturing cathode active material (CAM), which is essential to the electric vehicle and electronics sectors.
The investment will be used by Licovolt to advance its technological development, as it scales globally. Additionally, up to 10 new jobs will be created over the next two years, in the areas of international business development, finance, chemical engineering and battery innovation.
Commenting on the news, Zahmel said “We are absolutely thrilled to secure John’s backing as we scale up our operations. His deep understanding of the electrical and data centre industries combined with his proven track record of building successful businesses internationally makes him an invaluable partner for us.”
Corcoran added, “Licovolt represents a really exciting opportunity in the field of battery recycling. The team’s innovative approach and very strong technical foundation positions them well for significant growth in this evolving market.”
Physicists from Trinity College Dublin recently announced funding for a research project which aims to develop the next generation of sustainable batteries.
The three-year €750,000 project will investigate alternatives to lithium-ion batteries, which are used in many electronic devices, including smartphones, wireless headphones, toys, electric vehicles and electrical energy storage systems.
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