Circular Materials and the EIC Accelerator: Metals From Wastewater

Factories that plate, coat and treat metal surfaces produce wastewater laced with dissolved metals, often including critical raw materials the EU imports. Circular Materials, an Italian company founded in 2019, developed SWaP, "Supercritical Water Precipitation": wastewater is heated and pressurised until the metals precipitate and can be recovered, which it says captures more than 99% of them.

The European Innovation Council granted €2,500,000 towards a €4.78 million project, STOP WASTIN' ME, which opened the company's first automated plant near Padua in September 2024. In 2025 the European Commission designated its Recover-IT project a strategic project under the Critical Raw Materials Act, the EIC selected it again for an equity-only award, and it recovered its first kilogram of ruthenium and first tonne of nickel. In 2026 it raised €11.8 million, with the EIC Fund among the investors.

Where Circular Materials Stands Today

According to its funding announcement, Circular Materials operates a plant near Padua that has achieved end-of-waste status for its recovered materials and plans a new hub in Ferrara, raising capacity from 3,000 to 20,000 tonnes a year. The €11.8 million came from CDP Venture Capital, the EIC Fund, EIT RawMaterials, 360 Capital, Corbites and Lumar. In June 2025 it announced the first kilogram of ruthenium and first tonne of nickel recovered with two surface treatment companies, LEM Industries and Argos Surface Technologies. Italian company accounts compiled by reportaziende.it show revenue of €52,700 in 2025 and a net loss of €3.3 million.

The Technology: Supercritical Water

In supercritical conditions, beyond about 374 °C and 221 bar, water holds dissolved metal salts poorly, so they fall out as solids. Circular Materials uses this to separate metals from industrial wastewater. The company says the process cut ruthenium-related emissions by more than 99.6% compared with conventional extraction and gave nickel a negative carbon footprint.

What the EIC Projects Promised, and What CORDIS Shows

STOP WASTIN' ME promised "supercritical treatment of process wastewaters from surface treatment industry metals". The CORDIS report says "the first fully automated CMH0 was established in Cadoneghe, near Padova, in September 2024", tested at "two selected customer sites", and cites recovery rates exceeding 99%, without volumes. The second award, from the March 2025 cut-off, was equity only, so it has no CORDIS project.

1. A first plantDeliveredCMH0, September 2024.
2. Metals recoveredDeliveredRuthenium and nickel, 2025.
3. Industrial scalePartial3,000 t now; 20,000 t planned.
4. RevenueNot shown€52.7K in 2025.

What Has Happened Since the Award

The Money

The first EIC award was a grant only; the second was equity only. Circular Materials' accounts show revenue between €29,300 and €86,800 a year from 2023 to 2025 and losses rising from €652,400 to €3.3 million as it built its plant. The EIC Fund's investment amount was not disclosed.

Why Europe Should Care

The EU's Critical Raw Materials Act aims to source more critical metals within Europe, including from recycling. The Commission's own designation of Recover-IT as a strategic project puts Circular Materials inside that policy. The EIC has now backed it twice, with a grant and with equity.

The Verdict

Circular Materials has not been asked for comment for this article. It is based entirely on company statements, EU project data and Italian company accounts, linked throughout.