Circular Materials
Circular Materials is an Italian cleantech company that uses its proprietary SWaP™ supercritical water precipitation technology to recover critical metals (nickel, copper, lithium, cobalt, PGEs) from industrial wastewater at >99% efficiency, serving metal finishing, electroplating, battery, pharmaceutical, and electronics manufacturers through modular treatment hubs across Europe.
- Company typePrivate
- Founded2019
- HeadquartersCambiago, Italy
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Circular Materials does
Circular Materials s.r.l. is an Italian cleantech company founded in 2019 (registered in Cambiago, MI; operational headquarters in Cadoneghe, Padua) that recovers critical metals from industrial wastewater and battery feedstocks using its proprietary SWaP™ (Supercritical Water Precipitation) technology. SWaP operates a continuous-flow reactor at extreme conditions (>374°C, ~221 bar) to precipitate dissolved metals from aqueous effluents as high-purity metal powders, achieving >99% recovery efficiency with no toxic sludge, chemical additives, or landfill output. The platform is engineered to handle more than 60 industrial process types and currently targets strategic metals including nickel, copper, lithium, cobalt, and platinum group elements.
The company's commercial footprint is built around a modular "Circular Material Hub" model: CMH0 in Cadoneghe (Padua) operates as a fully authorized demonstration and validation platform with ~3,000 tonnes/year of wastewater treatment capacity, while CMH1 in Ferrara is under construction as the first continuous industrial-scale plant, targeted for 2026 commissioning. The long-stated ambition is a European hub network capable of recovering >20,000 tonnes/year of critical metals by 2030, against a European addressable market of approximately 4.5 million tonnes/year of metal-bearing industrial wastewater where 95% of metals are not currently recovered. In March 2025, Circular Materials' RECOVER-IT project was designated by the European Commission as 1 of 47 Strategic Projects under the EU's Critical Raw Materials Act (CRMA) — the only Strategic Project focused on recovery from industrial wastewater in Europe.
The business model is a B2B enterprise services offering sold through direct technical sales and business development: Circular Materials treats clients' metal-bearing effluents at its hubs on a quote-based, custom-priced basis, and either returns the recovered secondary raw materials to the client's production cycle or markets them to other sectors, generating revenue from service fees plus the value of recovered metals. Primary customers are industrial enterprises in metal finishing, electroplating, and galvanic treatment (e.g., Argos Surface Technologies, LEM Industries), with secondary verticals in battery production, pharmaceutical, electronics manufacturing, and end-of-life battery (black mass) recycling. The company is backed by EIT Raw Materials and the European Innovation Council (including ~$2.9M from EIC Accelerator in June 2025) and is led by CEO & Co-Founder Marco Bersani alongside a management team spanning operations, R&D, engineering, finance, and commercial functions.
Circular Materials firmographics
Firmographics- Name
- Circular Materials
- Legal name
- Circular Materials s.r.l.
- Website
- https://circularmaterials.it
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Circular Materials is an Italian cleantech company that uses its proprietary SWaP™ supercritical water precipitation technology to recover critical metals (nickel, copper, lithium, cobalt, PGEs) from industrial wastewater at >99% efficiency, serving metal finishing, electroplating, battery, pharmaceutical, and electronics manufacturers through modular treatment hubs across Europe.
- Ownership category
- akta.pro rank
Circular Materials industry classification
Industry- Product category
- Industrial Wastewater Treatment & Critical Metals Recovery
- NAICS
- Materials Recovery Facilities (562920), Secondary Smelting, Refining, and Alloying of Nonferrous Metal (except Copper and Aluminum) (331492)
- SIC
- Secondary Smelting & Refining Of Nonferrous Metals (3341), Primary Smelting & Refining Of Nonferrous Metals (3330)
- akta.pro primary industry
- Metals Recovery & Sorting Facilities (Ferrous/Non-Ferrous) (EUAIADAG)
- akta.pro secondary industries
- Metals Recycling & Processing (Ferrous/Non-Ferrous) (BPALADAF), Precious & Specialty Metal Recovery (Smelting, Refining, Hydrometallurgy) (EUAIAIAD)
Keywords
Where Circular Materials is headquartered
LocationHeadquarters
- HQ city
- Cambiago
- HQ country
- Italy
- HQ region
- Europe
Offices3 records
Markets served
Circular Materials business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations, Supply Chain, Marketing or Sales
Revenue model
- Industrial Wastewater Treatment & Metal Recovery Services: Circular Materials treats industrial wastewater on behalf of client companies, recovering strategic metals (nickel, copper, lithium, cobalt, platinum group elements) from their effluents. The recovered secondary raw materials are either returned to the client's production cycle or marketed in other sectors. Revenue is generated through service fees for wastewater treatment plus value derived from the recovered metals.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels7 records
Circular Materials product offering
Product offeringCore offering
Circular Materials treats industrial wastewater on behalf of client companies and recovers strategic metals (nickel, copper, lithium, cobalt, platinum group elements) using its proprietary SWaP (Supercritical Water Precipitation) technology, achieving over 99% metal recovery efficiency. The recovered secondary raw materials are either returned to the client's production cycle or marketed to other sectors, with services delivered through a modular network of Circular Material Hub facilities (CMH0 demonstration plant in Padua and CMH1 industrial plant in Ferrara).
Product overview
Circular Materials is a technology scale-up offering a platform centered on its proprietary SWaP (Supercritical Water Precipitation) technology, which recovers critical metals from industrial wastewater with over 99% efficiency. The portfolio includes two hub types: CMH0 (demonstration and validation platform in Padua) and CMH1 (first industrial-scale plant in Ferrara). The company provides Recovery Services for treating clients' metal-bearing effluents and produces Recovered Metals (secondary raw materials) as the end product for reintegration into industrial supply chains.
Differentiator
Problem solved
Functional benefit
Products and services
- Recovery Services Industrial wastewater treatment service that recovers strategic metals from clients' effluents, reducing disposal costs and environmental impact while recovering critical raw materials for reintegration into production supply chains. Delivered through Circular Material Hub facilities to industrial clients in metal finishing, electroplating, battery production, pharmaceutical, and electronics manufacturing sectors.
- Recovered Metals High-quality secondary raw materials recovered from industrial wastewater via the SWaP process, including nickel, copper, platinum group elements, lithium, and cobalt. These recovered metals are ready to re-enter production cycles in various industrial sectors, providing a circular alternative to primary extraction.
- SWaP Technology Platform Proprietary patented SWaP (Supercritical Water Precipitation) technology platform that uses supercritical water (temperature above 374°C and pressure around 221 bar) inside a continuous-flow reactor to recover strategic metals from industrial wastewater with efficiency rates exceeding 99%. The platform is delivered through Circular Material Hub facilities and forms the technological foundation of both Recovery Services and Recovered Metals.
Quantifiable outcome
- >99% metal recovery efficiency using SWaP technology
- +4 more outcomes
Companies that use Circular Materials
Customer profileNamed customers2 records
Segments5 records
Ideal customer profiles5 records
Circular Materials technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Circular Materials partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core and minor.
- Politecnico di MilanocoreCollaboration between Circular Materials and Politecnico di Milano's Department of Chemistry, Materials and Chemical Engineering, co-organized a roundtable on 'From Wastewater Management to Strategic Metal Recovery' at Politecnico di Milano. Professor Luca Magagnin (Politecnico di Milano and President of A.I.F.M.) served as moderator. The partnership supports academic research, industrial validation, and technology dissemination in metal recovery from industrial wastewater.
- A.I.F.M. (Italian Association of Metal Finishing)coreCollaboration with A.I.F.M. (Associazione Italiana Finitura dei Metalli) to co-organize the galvanic sector roundtable at Politecnico di Milano. A.I.F.M. represents Italian metal finishing companies and facilitates Circular Materials' engagement with the electroplating industry, its primary customer segment. The partnership connects Circular Materials with member companies seeking circular economy solutions.
- EIT Raw MaterialscoreEIT Raw Materials is a key partner and investor in Circular Materials. EIT Raw Materials is Europe's leading consortium for raw materials, backed by the European Institute of Innovation and Technology (EIT). The partnership provides strategic support, funding access, and ecosystem connections for Circular Materials' CRMA Strategic Project RECOVER-IT. EIT Raw Materials is listed as an investor on Circular Materials' website.
- Argos Surface TechnologiescoreArgos Surface Technologies is a leading international metal finishing company that has successfully implemented Circular Materials' SWaP technology for strategic metal recovery from its electroplating wastewater, demonstrating the practical application of circular economy principles in the galvanic sector. Argos shared its implementation experience at the Politecnico di Milano roundtable.
- LEM Industries SpAcoreLEM Industries (Galvanica e PVD) implemented Circular Materials' metal recovery service at its facilities, successfully integrating strategic metal recovery into its production processes. Representatives Francesca Soci and Matteo Albiani presented the industrial implementation case study at the Politecnico di Milano roundtable, demonstrating practical results from the partnership.
- Call2Recycle CanadaminorCircular Materials and Call2Recycle Canada announced a strategic collaboration to share best practices and enhance public awareness for recycling of packaging, paper, and batteries across Canada. Note: This partnership involves the Canadian entity also named Circular Materials, which is a separate producer responsibility organization managing Ontario's Blue Box program — not the Italian technology company.
- Éco Entreprises QuébecminorCircular Materials (Canadian entity) collaborating with Éco Entreprises Québec on harmonizing ecodesign guidelines for recyclable packaging and paper products across Canada. Note: This involves the Canadian Circular Materials entity managing Ontario's Blue Box program — a separate organization from the Italian technology company.
- Multi-Material Stewardship ManitobaminorCircular Materials (Canadian entity) collaborating with Multi-Material Stewardship Manitoba as part of a five-organization initiative to develop harmonized ecodesign guidelines across Canada. Note: This involves the Canadian Circular Materials entity — a separate organization from the Italian technology company.
- SK RecyclesminorCircular Materials (Canadian entity) collaborating with SK Recycles as part of a five-organization initiative to develop harmonized ecodesign guidelines across Canada. Note: This involves the Canadian Circular Materials entity — a separate organization from the Italian technology company.
- Recycle BCminorCircular Materials (Canadian entity) collaborating with Recycle BC as part of a five-organization initiative to develop harmonized ecodesign guidelines across Canada. Note: This involves the Canadian Circular Materials entity — a separate organization from the Italian technology company.
- EurometauxcoreCircular Materials joined Eurometaux (European Association of Metals), participating in the first Eurometaux Annual Conference in Brussels (June 2025). Membership provides industry visibility, networking with European metals industry stakeholders, and credibility as a serious player in the European critical raw materials ecosystem.
- World Resources ForumminorCircular Materials joined the World Resources Forum, participating in knowledge exchange and collaboration on resource efficiency and circular economy topics.
Scale indicators6 records
Recent moves7 records
Expansion highlights6 records
Circular Materials competitors and assessment
Company assessmentDirect peers
- Li-Cycle: Canadian hydrometallurgical battery-recycling company that recovers critical materials (Li, Co, Ni) from black mass. Closely comparable to Circular Materials' black-mass recovery roadmap and its use of a hydrometallurgical/refining route to produce secondary raw materials for re-entry into supply chains.
- Aqua Metals: US-based company using a proprietary hydrometallurgical (AquaRefining) process to recover critical metals from battery and industrial waste streams at high purity. Comparable to Circular Materials in its non-pyrometallurgical, water-based approach to metals recovery from secondary sources.
- Redwood Materials: US battery-recycling and materials company recovering Li, Co, Ni, Cu from end-of-life batteries and production scrap. Comparable as a direct competitor pursuing critical-metals recovery from secondary streams to feed back into Western supply chains.
- Fortum: Finnish energy company operating a hydrometallurgical battery-recycling plant that recovers cobalt, nickel, manganese, and lithium. Closely comparable as a European peer pursuing industrial-scale critical-metals recovery with a chemical-process route.
- Northvolt (Revolt): Swedish battery maker with Revolt recycling operations recovering black-mass metals. Comparable as a European battery-recycling competitor and potential upstream customer/partner for Circular Materials' metal-recovery outputs.
- Hydrovolt: Norwegian joint venture (Norsk Hydro / Northvolt) operating a battery-recycling plant in Norway. Comparable as a regional European peer in critical-metals recovery with ambitions to scale across the Nordics.
Broad incumbents
- Umicore: Belgian materials technology and recycling group with a major battery-recycling and precious-metals refining business. Comparable as a large incumbent player in nonferrous metals refining and recycling that Circular Materials could partner with or compete against for recovered CRMs.
- Glencore: Global mining and commodities giant with significant secondary/recycling metal operations across copper, cobalt, nickel, and PGMs. Comparable as a broad incumbent potential customer, offtaker, or acquirer of Circular Materials' recovered metals.
- Veolia: French multinational providing industrial water and waste-management services, including metals-containing wastewater treatment. Comparable as a broad incumbent that may compete for industrial wastewater-treatment contracts or partner with Circular Materials for specialized metals recovery.
Emerging players
- Lohum Cleantech: India-based battery-recycling and critical-materials producer recovering lithium, cobalt, nickel, and producing battery-grade chemicals. Comparable as an emerging peer pursuing critical-metals recovery via chemical processing for re-entry into supply chains.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Circular Materials social profiles
Digital presenceCircular Materials financial estimates
Financial estimateRevenue estimate
Valuation estimate
Circular Materials leadership team
Management profileNumber of profiles
Profiles13 records
Circular Materials funding detail
Funding detailFunding overview
Funding rounds4 records
Investors7 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Circular Materials M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Circular Materials
What does Circular Materials do?
Circular Materials treats industrial wastewater on behalf of client companies and recovers strategic metals (nickel, copper, lithium, cobalt, platinum group elements) using its proprietary SWaP (Supercritical Water Precipitation) technology, achieving over 99% metal recovery efficiency. The recovered secondary raw materials are either returned to the client's production cycle or marketed to other sectors, with services delivered through a modular network of Circular Material Hub facilities (CMH0 demonstration plant in Padua and CMH1 industrial plant in Ferrara).
Is Circular Materials a public or private company?
Circular Materials is a private company. It is classified as venture growth investor backed and is currently operating.
When was Circular Materials founded?
Circular Materials was founded in 2019. It employs 11 to 50 people.
Where is Circular Materials based?
Circular Materials is headquartered in Cambiago, Italy, in the Europe region.
How does Circular Materials make money?
One revenue line is on record: industrial Wastewater Treatment & Metal Recovery Services.
Who are Circular Materials's main competitors?
Direct peers on record are Li-Cycle, Aqua Metals, Redwood Materials, Fortum, Northvolt (Revolt) and Hydrovolt. Broad incumbents are Umicore, Glencore and Veolia. Lohum Cleantech is listed as an emerging player.
Does Circular Materials have an API?
No public API is recorded for Circular Materials.
What industry is Circular Materials in?
Circular Materials's product category is Industrial Wastewater Treatment & Critical Metals Recovery. Its primary akta.pro industry code is EUAIADAG, Metals Recovery & Sorting Facilities (Ferrous/Non-Ferrous), with a secondary code of BPALADAF, Metals Recycling & Processing (Ferrous/Non-Ferrous). Its NAICS code is 562920 and its SIC code is 3341.