Exterra Raises $14M To Turn Mining Waste Sustainable

Exterra Carbon Solutions, a Montreal startup, has raised CAD $20 million (approximately USD $14.5 million) to continue the development of its innovative technology for converting mining waste into green energy transition materials. The capital will help Exterra turn asbestos mine tailings (AMT), a toxic byproduct of past mining, into valuable, low-carbon minerals like nickel concentrate and amorphous silica.

Established in 2021, Exterra's purpose is based on sustainability and circular use of resources. The firm is positioning itself as a leader in converting environmental burdens into economic opportunities. AMT, which generally has toxic asbestos fibers in remaining rocks and mine residue, presents serious health and environmental risks if not treated. Exterra has created patented technology that not only decontaminates the toxic elements but also recovers essential minerals that are crucial to the clean energy value chain.

The startup's business revolves around two core products that are obtained from AMT: nickel concentrate, a key component of electric vehicles' (EVs') battery, and amorphous silica, which is applied in manufacturing low-carbon building materials. The products assist in the world's move towards decarbonization through decreased dependency on virgin mining, which is resource-hungry and environmentally detrimental. By producing value from waste from mining, Exterra provides an attractive solution that contributes to both material innovation and environmental remediation.

Exterra is now constructing what it says will be the world's biggest asbestos mitigation plant. The flagship operation will be able to treat over 300,000 tons of asbestos mine tailings every year. The company says Quebec contains an estimated 800 million tons of AMT, providing a large regional supply of key minerals such as nickel and magnesium. If well utilized, this supply would make Quebec one of the world's top producers of advanced battery material from waste derived from mining.

Exterra CEO Olivier Dufresne underscored the strategic significance of this breakthrough as a "revolutionary" move in sustainable innovation. “With this funding, we’ll accelerate commercializing our dual-pronged platform that valorizes over 90% of minerals from asbestos residues while creating one of the shortest nickel supply chains for EV electrification in North America,” said Dufresne. He added that the Series A funding round represents a crucial step toward launching commercial operations, while also demonstrating that mining can support a just, sustainable transition to a net-zero economy.

The Series A financing round was co-led by Clean Energy Ventures and BDC Capital. Additional funding was provided by the Government of Quebec, Investissement Quebec, MOL Switch, and Kinetics—a sustainability-driven initiative by Karpowership. The funding not only provides much-needed capital to Exterra but also strategic direction, as Clean Energy Ventures and BDC Capital will now have representatives sitting on Exterra's board of directors.

Daniel Goldman, co-founder and managing partner at Clean Energy Ventures, commended Exterra's breakthrough. "Exterra represents the future of responsible circular resource utilization," Goldman added. "It's not often one gets to witness a process like Exterra's, in which liabilities in the environment are being turned into assets using an innovative, scalable technology that can be replicated around the world." He added that the innovation is especially apt as governments and industries look for efficient solutions that can solve both environmental degradation and material shortage.

Exterra's strategy also promises to greatly diminish the environmental impact of old mining infrastructure. By recycling old waste instead of mining new materials, the company intends to keep the impact of mining on ecosystems to a minimum while playing its part in global sustainability efforts.

The company's expansion is being supported by partnerships with respected partners such as BASF, Énergir, WSP, and Winsome Resources. These partnerships will continue to strengthen the scalability and potential of Exterra's technology as the company scales from pilot levels to complete commercial operations.

As global demand for critical minerals continues to rise—fuelled by growth in electric mobility, renewable energy infrastructure, and green construction—Exterra's technology provides a sorely needed sustainable alternative. Through its latest round of funding, the company is now better positioned to expand operations, speed up the clean energy transition, and pave the way to transform old mining waste into essential building blocks of a low-carbon future.