Circular Materials

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.

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

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

• Industrial wastewater treatment
• Critical metals recovery
• Supercritical water precipitation
• Circular economy services
• Metal recycling technology

Headquarters

HQ city

Cambiago

HQ country

Italy

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Supply Chain, Marketing or Sales

Revenue model

1. 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

Core 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

Named customers2 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Politecnico di MilanocoreStrategic or Co-development Partner · 17 April 2026Collaboration 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)coreStrategic or Co-development Partner · 17 April 2026Collaboration 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 MaterialscoreGTM or Marketing Partner · 26 March 2025EIT 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 TechnologiescoreStrategic or Co-development PartnerArgos 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 SpAcoreStrategic or Co-development PartnerLEM 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 CanadaminorStrategic or Co-development PartnerCircular 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 QuébecminorStrategic or Co-development PartnerCircular 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 ManitobaminorStrategic or Co-development PartnerCircular 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 RecyclesminorStrategic or Co-development PartnerCircular 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 BCminorStrategic or Co-development PartnerCircular 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.
• EurometauxcoreGTM or Marketing PartnerCircular 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 ForumminorGTM or Marketing PartnerCircular 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

Direct 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

• YouTubem.youtube.com/@Circular_Materials
• LinkedInit.linkedin.com/company/circular-materials-srl

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds4 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Circular Materials