Metal Recycler Lands Major Funding
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Fort Wayne-based Sortera Alloys has closed on a $10 million round of funding led by Breakthrough Energy Ventures in Washington. The company, which has developed a technology platform for the industrial recycling industry, says it will use the funding to scale operations and add jobs.
Sortera says it uses artificial intelligence and machine learning data analytics to power advanced sortation methods as the company recycles scrap metal for manufacturing. The company says its process generates new high-purity recycling products that can be used for high-quality domestic manufacturing.
“Companies are looking to create products for their customers with lower-carbon materials,” Nalin Kumar, founder and president of Sortera Alloys, said in a news release. “At Sortera, we are enabling the domestic production of novel feedstock materials from existing automotive streams, at the same time boosting the strength of the circular economy and creating new jobs.”
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.
Sortera is currently developing its first mass production plant in Fort Wayne that is expected to be operational next year. In November 2020, the company detailed plans to invest $4.2 million to move manufacturing to the Allen County city and add up to 100 jobs by the end of 2022.
The company did not specify how many jobs would be created as a result of the new funding.