High-tech metal recycler secures $10M funding
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Fort Wayne-based Sortera Alloys Inc, a high-tech metal recycling company, has secured a second, $10 million round of funding that will allow the company to further scale operations. The company uses A.I. imagery, data analytics, and advanced sensors to help sort scrap in search of high-quality, high-valued metal.
This funding round is led by Assembly Ventures, with additional support from Breakthrough Energy Ventures. In November, the recycler announced it had closed on an initial $10 million funding.
“For decades automotive and manufacturing companies the world over have been working to implement truly circular supply chains,” said Chris Thomas, co-founder and partner at Assembly Ventures. “Sortera is poised to power efficiencies in industrial and manufacturing supply chains, and create true circularity of manufacturing inputs, across the Western world.”
The company operates a 10-acre facility in Fort Wayne that produces aluminum alloy feedstock that can be used in markets such as automotive, construction, aerospace and consumer packaging.
As part of the funding package, Sortera is partnering with Georgia-based Novelis, a producer of flat-rolled aluminum products. Novelis will remanufacture the Sortea material into high recycled content aluminum sheet for the automotive industry.
Sortera says its production process helps customers to reduce their carbon emissions footprint and achieve sustainability goals quicker.