FAST Metals

Founded by CEO Sumedh Gostu, whose doctoral research in hydrometallurgy at Worcester Polytechnic Institute underpins the company's technology, FAST Metals has developed a patented process that recovers iron, alumina, titania and rare earth elements from red mud — the toxic, iron-rich waste left over from alumina refining. By removing iron from the feedstock first, the company's single-pass process is able to extract commercial-grade minerals from a byproduct that has already left more than four billion tons in stockpiles worldwide, representing an estimated $3-4 trillion in untapped metal value.

Co-founded with Anthony Staley, a 25-year mining and metals operator and former CEO of Nyrstar's U.S. operations, FAST Metals raised $4.3M in pre-seed funding led by New Climate Ventures, with backing from Azolla Ventures, Astor Swiss and Rio Tinto via the Founders Factory Mining Tech Accelerator. The company has since signed its first commercial customer, Metalox Mineral Corporation, and is processing feedstock at Metalox's Florida facility to prove out the technology at scale.