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Genomines this month closed $45 million in Series A funding to cultivate nickel and other metals from plants, CEO Fabien Koutchekian tells Axios Pro. 

Why it matters: American automakers, investors and policymakers are eager for any technology — no matter how unconventional — that promises to wrest metals production from China.

Driving the news: Genomines genetically modifies a type of daisy to boost the amount of nickel and other metals it naturally absorbs from soil.

The approach can enable a farmer to begin harvesting commercial quantities of nickel in one to two years — a fraction of the 18 years needed to open a conventional mine.

What they're saying: "The mining industry can only extract metal profitably in areas that are highly concentrated with metals," Koutchekian says. "We are able to extract metal in a cost-competitive, decentralized way."

The latest: Engine Ventures and Forbion BioEconomy led the startup's Series A, made up of about $37 million in equity funding, $4 million in grants, and $3 million in debt.

DeepTech & Climate Fonds, Wind, Hyundai Motor Group, Teampact
Ventures, Prospect Innovation, Raise Phiture and AlphaTech Investment Group participated, as well as existing investors Lowercarbon Capital, Entrepreneurs First, Elemental Impact, and Salida B.V.

How it works: Genomines sells its plants and on-site processing technology to farmers to cultivate in soils with high concentrations of nickel — typically warmer areas where rain has eroded rocks over the eons.

Farmers harvest the plants in four to six months using conventional equipment, dry and burn the harvest in a specialized oven, then sell the ash to Genomines to further process and sell to customers.

The intrigue: The ash contains 20-45% nickel, vastly more than the 5-8% in typical concentrate from mining. 

Zoom in: The Series A is funding a commercial pilot in South Africa spanning close to 250 acres, which is expected to produce about 150-250 metric tons of nickel per year.

Reality check: While global demand for electric-vehicle batteries is expected to cause a nickel deficit by 2030, slower-than-expected growth in demand for such vehicles has produced a surplus and suppressed prices.

And China, which dominates nickel production and refining, has enormous economies of scale to defend its market share and respond to a potential eventual shortage.

What we're watching: How well Genomines and its crops scale. 

Exclusive: Genomines raises $45M to farm metal from daisies

It's modified a daisy plant to absorb more nickel.

Man wearing a blue plaid shirt, gloves, and a face mask tending tall green plants with yellow flowers in a greenhouse.

Genomines has modified a plant from the daisy family to absorb more nickel. Photo: Courtesy of Genomines

Genomines this month closed $45 million in Series A funding to cultivate nickel and other metals from plants, CEO Fabien Koutchekian tells Axios Pro. Why it matters: American automakers, investors and policymakers are eager for any technology — no matter how unconventional — that promises to <a class="gtmContentClick" data-vars-link-text="wrest" data-vars-click-url="https://www.axios.com/pro/climate-deals/2025/05/06/boom-times-rare-earth-startups" data-vars-content-id="efc6b20c-e7ae-4ae9-b4a1-d9b08d469dba" data-vars-headline="Exclusive: Genomines raises $45M to farm metal from daisies" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/climate-deals/2025/05/06/boom-times-rare-earth-startups" target="_self">wrest</a> <a class="gtmContentClick" data-vars-link-text="metals" data-vars-click-url="https://www.axios.com/2025/06/11/trump-us-china-trade-talks-minerals" data-vars-content-id="efc6b20c-e7ae-4ae9-b4a1-d9b08d469dba" data-vars-headline="Exclusive: Genomines raises $45M to farm metal from daisies" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2025/06/11/trump-us-china-trade-talks-minerals" target="_self">metals</a> production from China.

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Exclusive: Genomines raises $45M to farm metal from daisies

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