Elemental Holding

What Elemental Holding does

Elemental Holding SA is a Luxembourg-domiciled capital group founded in 2010 by CEO Paweł Jarski that operates as a global producer of strategic metals and leader in urban mining. The company recovers critical raw materials — including lithium, cobalt, nickel, copper, platinum, palladium, rhodium, silver, and gold — from end-of-life products across three principal waste streams: spent automotive catalytic converters (PGM recovery), waste electrical and electronic equipment / printed circuit boards (e-waste recycling), and lithium-ion batteries from electric vehicles and consumer electronics (battery recycling). Elemental processes approximately 39,901 tons of PCBs, 103,727 tons of e-waste, 6,600 tons of catalysts, and 11,315 tons of Li-Ion batteries annually across more than 66 facilities in 4 continents, holding an estimated 15% global market share in PGM recovery.

The business operates across two functional layers: collection and pre-processing of waste streams at geographically distributed sites, followed by pyrometallurgical and hydrometallurgical refining at the flagship Elemental Strategic Metals (ESM) facility in Zawiercie, Poland — the second-largest PGM refining facility in the European Union with ultimate capacity to meet 70% of EU PGM requirements. Proprietary processing technologies achieve up to 95% platinum recovery from automotive catalysts. Revenue is generated through transaction fees paid by WEEE producers for collection and processing services, complemented by direct sales of recovered metals (Pt, Pd, Rh, copper, silver, gold, battery-grade materials) to industrial clients in automotive, EV/energy storage, renewable energy, aerospace, defense, and telecommunications sectors.

The company's growth strategy centers on the USD 800 million Polvolt industrial complex in Zawiercie — an integrated copper smelting and battery metals refining hub backed by EUR 150.5 million from the EU Innovation Fund, PLN 1.038 billion from the Polish government TCTF program, and a USD 100 million EIB loan. Institutional shareholders include IFC, EBRD, and PFR (joined in 2023), with Mitsubishi Materials Corporation taking a significant minority stake in the US E-Waste business in late 2025 / early 2026. Strategic joint ventures include AE Elemental (with Ascend Elements) for battery recycling and a JV with Romco Group. Distribution is primarily direct enterprise B2B sales with customized contracts; pricing is quote-based and not publicly disclosed.

Name

Elemental Holding

Legal name

Elemental Holding SA

Website

https://elemental.biz

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Elemental Holding is a Luxembourg-domiciled global urban mining company that recovers critical raw materials — platinum group metals, lithium, cobalt, nickel, copper, and precious metals — from end-of-life automotive catalysts, e-waste, and lithium-ion batteries, serving automotive, EV, renewable energy, aerospace, and electronics manufacturers across 66+ facilities in four continents.

Ownership category

akta.pro rank

Product category

Precious and Critical Metals Recycling

NAICS

Nonferrous Metal (except Aluminum) Smelting and Refining (33141), Secondary Smelting, Refining, and Alloying of Nonferrous Metal (except Copper and Aluminum) (331492), Nonferrous Metal (except Aluminum) Production and Processing (3314)

SIC

Secondary Smelting & Refining Of Nonferrous Metals (3341), Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

Catalyst & Precious Metal Scrap Recycling (Auto Catalysts, Refinery/Petrochemical Catalysts) (IMAKAMAI)

akta.pro secondary industries

E-Waste & Electronics Metal Recovery (ITAD, Circuit Boards, Precious Metal Recovery) (IMAKAMAG), Battery Scrap & Recycling Feedstock (Lead-Acid, Li-ion Black Mass Feedstock, NiMH) (IMAKAMAH), Catalytic Converter Recycling & Precious Metals Recovery (PGM) (EUAIAJAG), Precious & Specialty Metal Recovery (Smelting, Refining, Hydrometallurgy) (EUAIAIAD)

Keywords

• Platinum group metals recycling
• Urban mining services
• Critical raw materials recovery
• Lithium-ion battery recycling
• Electronic waste processing

Headquarters

HQ city

Luxembourg

HQ country

Luxembourg

HQ region

Europe

Offices16 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. WEEE Processing Fees: Elemental Group companies operating in the WEEE segment act as collectors, waste treatment plants, and recycling entities. WEEE recovery organizations outsource these functions and pay fees to the Group, which represents the first revenue stream.
2. Recycled Materials Sales: Second revenue stream comes from direct sale of materials recovered during WEEE processing, including copper, silver, gold, palladium, and other metals extracted from electronic waste.
3. PGM Recovery and Sales: Recovery and sale of platinum group metals (platinum, palladium, rhodium) from automotive catalytic converters and industrial catalysts through pyrometallurgical and hydrometallurgical processing.
4. Refined Metal Sales: Sale of refined platinum group metals (Pt, Pd, Rh) produced at the Elemental Strategic Metals facility in Zawiercie, which is the second largest PGM refining facility in the EU.
5. Battery Metals Production: Future production of battery metals including cobalt, lithium, nickel, and manganese from black mass processing, with eventual production of gold, silver, copper, and battery-grade materials.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Elemental Holding recovers, refines, and repurposes strategic metals—primarily platinum group metals (platinum, palladium, rhodium), battery metals (lithium, cobalt, nickel, copper), and precious metals (gold, silver)—from end-of-life sources including automotive catalytic converters, lithium-ion batteries, printed circuit boards, and electronic waste. The group operates six integrated service lines: SAC recycling, e-waste recycling, non-ferrous metal recycling, lithium-ion battery recycling, PGM refining, and the Polvolt industrial complex for copper smelting and battery metals refining. Products are sold to industrial clients in automotive, EV, renewable energy, aerospace, defense, and telecommunications sectors under direct B2B contracts.

Product overview

Elemental Holding operates as a diversified urban mining and recycling conglomerate with a platform-plus-multiple-services architecture. The company provides end-to-end critical raw materials recovery through six interconnected service lines: SAC Recycling (Platinum Group Metals from catalytic converters), E-Waste Recycling (WEEE processing including PCB recovery), Non-Ferrous Metal Recycling (copper, aluminum, nickel, etc.), Lithium-Ion Battery Recycling (EV batteries), and PGM Refining (hydrometallurgical and pyrometallurgical processing). The flagship Polvolt Project represents a major industrial expansion integrating copper smelting with battery metals refining. Operations span over 66 locations globally across four continents, with key facilities including the Elemental Strategic Metals plant and AE Elemental joint venture in Zawiercie, Poland, and Colt Recycling in the USA. The company recovers eight of the EU's 34 critical raw materials including lithium, cobalt, nickel, copper, and platinum group metals.

Differentiator

Problem solved

Functional benefit

Brands

• SAC Recycling: Recycling of Platinum Group Metals from automotive catalytic converters
• e-waste Recycling
• Non Ferrous Metal Recycling
• Lithium-ion Battery Recycling
• PGM Refining
• Polvolt

Products and services

• SAC Recycling (Spent Automotive Catalyst Recycling) Recycling of Platinum Group Metals (platinum, palladium, rhodium, iridium, ruthenium) from spent automotive catalytic converters. Processes ceramic and metal catalysts through sorting, grinding, analysis, and transport to metallurgical plants. Achieves up to 95% platinum recovery rate.
• E-Waste Recycling (WEEE Processing) Waste Electrical and Electronic Equipment (WEEE) recycling including collection, treatment, sorting, shredding, magnetic separation, eddy current separation, and material recovery. Processes 103,727 tons of e-waste and 39,901+ tons of printed circuit boards annually across global facilities, recovering copper, silver, gold, and palladium.
• Non-Ferrous Metal Recycling Collection and processing of non-ferrous metals including copper, brass, bronze, aluminum, nickel, stainless steel, tin, zinc, lead and alloys through sorting, shredding, magnetic separation, and eddy current separation.
• Lithium-Ion Battery Recycling Recycling of lithium-ion batteries from electric vehicles, energy storage systems, drones, smartphones, and laptops. Technology developed in cooperation with Polish technical universities and the Łukasiewicz Research Network – Institute of Non-Ferrous Metals. Processes 11,315 tons of Li-Ion batteries per year, recovering cobalt, lithium, manganese, nickel, copper, palladium, platinum, and rhodium.
• PGM Refining (Pyrometallurgical and Hydrometallurgical) Pyrometallurgical and hydrometallurgical refining of Platinum Group Metals producing pure platinum, palladium, and rhodium in metallic form. Operated at the Elemental Strategic Metals facility in Zawiercie, the second-largest PGM refining facility in the EU, with ultimate capacity to meet 70% of EU PGM needs.
• Polvolt Project (Copper Smelting and Battery Metals Refining)

Quantifiable outcome

• 95% platinum recovery rate from automotive catalytic converters
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and supporting.

• Mitsubishi Materials CorporationcoreStrategic or Co-development Partner · 18 December 2025Strategic partnership where Mitsubishi Materials Corporation became a significant minority shareholder in Elemental's US E-Waste recycling business. MMC invested to strengthen upstream collection networks across the US and internationally, support capital investment and technology deployment, and develop long-term downstream solutions including potential feedstock flows to MMC's secondary smelting plant in the US. The partnership complements MMC's investment in Exurban for secondary smelting in the US. Transaction completed on January 29, 2026.
• Ascend ElementscoreStrategic or Co-development Partner · 1 January 2024Joint venture established (AE Elemental Sp. z o.o.) with Ascend Elements to operate the battery recycling plant for electric vehicles in Zawiercie, Poland. The plant has capacity to recycle up to 12,000 tons of batteries per year (approximately 28,000 EV batteries). Combines Elemental's urban mining expertise with Ascend Elements' battery recycling technology.
• Kozminski UniversitysupportingStrategic or Co-development Partner · 1 January 2024Close partnership with Kozminski University for long-term cooperation. Elemental is a proud patron of the university. Modern technologies and innovative projects are key to economic transformation, with Elemental wanting to set directions for industry development.
• Romco GroupsupportingStrategic or Co-development Partner · 1 January 2024Joint venture established with Romco Group in 2024 as part of Elemental's global expansion strategy.
• Colt Recycling LLCcoreStrategic or Co-development Partner · 1 January 2023Elemental acquired Colt Recycling LLC in June 2023 to expand into the US market. Colt Recycling operates as Elemental's E-Scrap division, processing approximately 18,000 tonnes of E-Waste annually across four facilities in New Hampshire.
• Łukasiewicz Research Network – Institute of Non-Ferrous MetalssupportingTechnology or Integration · 1 January 2020Cooperation with leading Polish technical universities (Wrocław and Gliwice) and the Łukasiewicz Research Network – Institute of Non-Ferrous Metals to develop dedicated battery recycling technology for the Zawiercie plant.

Scale indicators16 records

Recent moves11 records

Expansion highlights6 records

Broad incumbents

• Johnson Matthey: British specialty chemicals and sustainable technologies company with a major PGM and precious metals business. Comparable in PGM refining capability and automotive catalyst recycling supply chain, though JM is exiting primary PGM mine marketing.
• Umicore: Belgian materials technology and recycling major with leading PGM refining and battery materials operations. Directly comparable to Elemental in catalytic converter recycling and battery materials, but operates at a far larger, more diversified scale with automotive catalyst OEM contracts.
• Aurubis: European copper smelter and recycler producing copper, precious metals, and non-ferrous metals from primary and secondary feedstocks. Highly comparable to Elemental's copper and precious metals smelting line within the Polvolt project.
• Sims Metal Management: Global metal recycling company with ferrous and non-ferrous metals processing including e-scrap and catalytic converter recycling. Comparable to Elemental's non-ferrous and e-waste recycling lines, particularly in North America.
• Heraeus: German precious metals and technology group with PGM recycling and refining alongside industrial precious metals products. Overlaps directly with Elemental's Zawiercie PGM refining and catalytic converter recycling activities.
• Boliden: Swedish metals and mining company with copper, zinc, and lead smelters plus significant electronic scrap recycling at Rönnskär. Comparable in non-ferrous metal recovery from secondary feedstocks and integrated smelting/refining.

Emerging players

• Redwood Materials: US-based battery recycling startup founded by JB Straubel, focused on end-of-life lithium-ion battery recycling and cathode active material production. Comparable to Elemental's Li-ion battery recycling and black mass refining strategy.
• Li-Cycle: Canadian lithium-ion battery recycler with hydrometallurgical processing focused on black mass and battery-grade materials. Comparable to Elemental's Zawiercie battery recycling facility and black mass refining technology.

Direct peers

• Dowa Holdings: Japanese non-ferrous metals and recycling company with PGM recovery, e-waste processing, and battery materials operations in Asia. Closely aligned with Elemental's urban mining model and Mitsubishi Materials partnership.
• Ascend Elements: US-based battery recycling and engineered materials company; Elemental's joint venture partner in AE Elemental Sp. z o.o. operating the Zawiercie battery plant. Direct peer via the JV partnership in lithium-ion battery recycling.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/EH_Group_SA
• YouTubeyoutube.com/channel/UCFpyKpgy1KZOM5uQKM6yUeA
• Facebookfacebook.com/elementalholding
• LinkedInlinkedin.com/company/elemental-holding-sa

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries27 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A2 records

Investments

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

Frequently asked questions about Elemental Holding