How Metastable Materials is recovering critical metals from used batteries

India imports most critical metals for battery manufacturing, leaving the industry reliant on global supply chains. Simultaneously, domestic battery waste grows. Bengaluru-based startup Metastable Materials sees potential in this waste, founded in 2021 by Shubham Vishvakarma and Manikumar Uppala. They treat spent batteries as high-grade ore, refining them to recover valuable metals without chemical agents.

Metastable acquires spent lithium-ion batteries and black mass from local sources and processes them through underwater shredding to eliminate fire risks and toxic gas emissions. The startup's unique Integrated Carbothermal Reduction technology separates metals by reacting elements within the batteries, followed by physical separation methods.

Metastable designs and manufactures its equipment in-house and has six patent filings across several countries. The company sells refined metals like lithium, nickel, cobalt, copper, and aluminium to industries such as glass, ceramics, cement, stainless-steel, magnets, pigments, automotive, and casting. Metastable began generating revenue in 2025 and is planning to expand to a full-scale plant to meet increasing demand and prove its technology's viability.