By Amit Chowdhry Sep 25, 2026

Refinyx, a Stockholm-based critical materials recovery technology company, has emerged from stealth with the acquisition of Northvolt’s 134-patent recycling technology portfolio and a 13,000-square-foot materials science pilot and laboratory facility in Västerås, Sweden. The company has also signed its first major U.S. customer and secured backing from Swedish investment company Qarlbo Energy. Financial terms of the technology acquisition and investment were not disclosed.

Founded by senior executives from Northvolt Revolt, the former battery manufacturer’s recycling division, Refinyx is developing technology and engineering services for industrial operators seeking to establish large-scale critical materials recovery facilities.

The company’s platform is designed to recover nickel, cobalt, and lithium from end-of-life batteries, battery manufacturing waste, industrial residues, and other material streams.

The acquisition provides Refinyx with an established technology portfolio and research infrastructure developed through years of work at Northvolt.

The Västerås facility includes approximately 13,000 square feet, or 1,200 square meters, of laboratory and pilot operations, providing infrastructure for continued research, testing, and technology development.

Refinyx intends to use the acquired intellectual property and facilities to support the commercial deployment of critical materials recovery technologies in the United States and other international markets.

Its business model centers on partnering with established industrial operators to design, build, and scale recovery plants rather than relying exclusively on developing and owning recycling facilities itself.

This approach is intended to help customers establish domestic processing capacity while accessing Refinyx’s technology and engineering expertise.

The company’s initial focus includes recovering materials required for battery production and other industrial applications.

Refinyx co-founders Mahmood Alemrajabi, CEO, and Ramiar Vaziri, CTO, developed the technology over eight years at Northvolt Revolt.

During that period, the team advanced the process through three generations of development and into an industrial-scale facility in Skellefteå, Sweden.

According to Refinyx, the technology has shown it can produce battery-grade materials at industrial scale without using organic solvents.

The process is designed to eliminate certain intermediate refining stages that can require Western recycling companies to ship partially processed materials to Asia for additional treatment.

By avoiding conventional solvent extraction, Refinyx says its technology can reduce equipment requirements, chemical consumption, waste handling, and the physical footprint of recovery facilities.

These characteristics are intended to make the technology suitable for more modular deployment across different industrial locations.

The company is also expanding its technology platform beyond conventional battery materials to include rare earth elements, phosphorus, and other strategically important materials.

This expansion would allow Refinyx to pursue additional industrial applications and work with customers seeking recovery solutions for different waste streams.

The company’s first major U.S. customer represents an initial commercial milestone as it begins deploying its technology internationally. Refinyx did not identify the customer or disclose the contract’s financial value.

Its launch comes amid efforts by industrial companies and governments to establish additional domestic processing capacity for materials used in batteries, electrification, and other industrial applications.

Refinyx intends to support these efforts by providing technology that established industrial operators can integrate into local materials recovery facilities.

The company’s financial backing comes from Qarlbo Energy, a Swedish investment company that will take an active ownership role as Refinyx expands toward commercial deployment.

Qarlbo Energy is owned by Qarlbo, the investment company of EQT founder Conni Jonsson, and FAM-owned Thisbe, which is associated with the Wallenberg Foundations’ industrial holdings.

The investment company intends to support Refinyx’s international expansion through long-term capital, industrial expertise, and its global network.

Refinyx’s leadership team also includes Dhruv Malhotra, Chief Business Officer and Co-Founder, who will help develop commercial relationships and support the company’s expansion into additional markets.

With its acquired intellectual property, existing research infrastructure, industrial-scale technology experience, and initial U.S. customer, Refinyx plans to work with industrial partners to establish additional critical materials recovery capacity.

KEY QUOTES:

“Eight years of R&D and one industrial-scale plant mean the hard part for battery materials recovery is now behind us. The next chapter is deploying this with industrial partners globally and extending the platform to rare earths, phosphorus and other critical materials. The need is becoming increasingly urgent as the U.S., EU and other markets look to build more resilient domestic critical materials supply chains and expand local processing and recycling capacity.”

Mahmood Alemrajabi, CEO And Co-Founder Of Refinyx

“We designed Refinyx to compete on cost, quality and reliability — the way industrial companies that built the original metals refining industry competed. That is the only way circular critical materials become a real industry.”

Dhruv Malhotra, Chief Business Officer And Co-Founder Of Refinyx

“Access to critical raw materials is increasingly a strategic issue for both industrial competitiveness and the energy transition, and we believe Refinyx is exceptionally well positioned to help address that challenge through scalable recycling technology and deep industrial expertise. We look forward to supporting the company through its next phase of growth and international expansion, with the long-term commitment that kind of scaling requires.”

Michel Thomas, CEO Of Qarlbo Energy