From the Outset Q&A with Mint Innovations CEO Will Baker

I and another co-founder previously worked with LanzaTech, a very successful New Zealand clean tech company. I joined LanzaTech early in their journey in 2007. As the company grew, so did my role, encompassing IP strategy, capital raising, and engagement. When LanzaTech relocated to the US, I took the opportunity to start a new venture. My passion became climate tech, with a focus on waste-to-value and chem-bio technologies. That was the foundation for Mint.

One of the big takeaways from LanzaTech was that waste-to-value is hard. Transforming a waste stream into a valuable product is challenging, primarily because of the economics. When founding Mint, we focused on maximizing the differential between the value of inputs and outputs. Our idea was to extract valuable materials like gold from waste streams.

Our journey started at Outset Ventures in 2016. We followed a typical venture-funded path through seed fundraising and proof of concept, which allowed us to build a pilot plant. In 2020, we raised the capital to build a demo plant in East Tamaki, configured for a ton of scale. This pre-commercial plant taught us what a commercial plant would look like and helped us design it.

Exactly. The success of our demo plant in New Zealand enabled us to close our latest cash raise of about $65 million at the beginning of 2023. We’ve commissioned the plant and are ramping up production. It’s fully commercial, primarily recovering gold and copper from Sydney waste.

Yes, correct. The plant has been in operation, and although commissioning involves some stop-start processes, we are making excellent progress.

We recover gold from electronic waste, particularly focusing on circuit boards. The challenge is that while e-waste contains valuable metals, extracting them is complex. We grind up circuit boards, dissolve all the metals, and use our proprietary biomaterial to selectively recover gold. After recovering gold, we can also recover other concentrated metals like tin and silver.

Not necessarily in Australia. Our first plant is a prototype commercial plant, and we’re optimising it to understand our commercial offering. Our philosophy is to take plants to waste streams in urban environments. We’re looking for other locations with good population density and recycling infrastructure, primarily in the US and Europe.

Yes, it is entirely unique. Currently, recyclers must ship circuit boards to copper smelters overseas, a long and dirty process. We offer a local solution, allowing recyclers to get paid in days rather than months.

Traditional smelters have a high carbon footprint, similar to mining virgin materials. Mining for gold, for example, is incredibly carbon-intensive. Our process is over 90% more efficient in terms of carbon dioxide emissions.

Absolutely. Our proposition is attractive to recyclers who can get paid much quicker by sending materials to us. We’re continuously bringing on new customers and ramping up the plant.

Yes, we were selected as World Economic Forum New Pioneers in 2022, and in 2023, we won two awards at Sydney’s Innovation Awards. While awards are not my focus, they do help with our investment story and market traction.

Outset Ventures has been crucial, providing the space, licensing, and ecosystem necessary for deep tech development. They offer an environment where we can safely conduct chemical processes and benefit from interactions with other companies on similar journeys.

We were foundational parts of Outset’s beginning, back when it was called Level Two. I needed space and lab equipment for Mint, and Matt Rowe needed tenants for Outset. Our partnership grew organically from there.

The ecosystem and community have been invaluable. Working alongside other companies going through similar challenges provides a supportive environment and opportunities to learn from each other’s experiences.

They are crucial. When LanzaTech started, deep tech startups in New Zealand were rare. Now, incubators like Outset Ventures provide services, access to capital, and a community of companies at various stages of development. This support helps new founders build successful companies.

Not all incubators are created equal. Outset’s campus-based approach offers unique benefits, such as access to capital and a supportive community. Being around people who have succeeded and failed provides valuable learning opportunities.

Extremely crucial. For us in the clean tech space, we seek investors with strong climate credentials who align with our mission to make a difference in the world.

Not at the moment. We closed our Series C at the beginning of 2023, which funds us through to 2025. We plan to start a new investment round at the end of this year.

In five years, we aim to expand globally, building plants in various geographies and exploring other waste streams like lithium-ion batteries. We want to establish partnerships with big tech firms for a sustainable future.

While we operate in a niche, our value-driven approach can influence the clean tech sector. Focusing on high-value products helps overcome economic challenges and attracts investment.

Building the team at Mint has been incredibly rewarding. Our team is values-driven and aligned with our mission to make a positive impact. Their energy and dedication inspire me.

Just go for it. Don’t be afraid to fail. Whether you’re a natural entrepreneur or a reluctant one like me, believe in your idea, build your network, and get the support you need. Climate change requires serious intervention from innovative ideas.