EQT Foundation Backs UK Startup Milvus Advanced as It Develops High-Performance Nanomaterials to Replace Rare Metals in Energy Technologies

EQT Foundation Backs UK Startup Milvus Advanced as It Develops High-Performance Nanomaterials to Replace Rare Metals in Energy Technologies

(IN BRIEF) EQT Foundation has invested €200,000 in Milvus Advanced as part of a £5 million Seed round supporting the UK startup’s development of nanomaterials that can replace scarce platinum group metals in clean energy technologies. Milvus’s platform uses abundant elements such as copper and iron to create catalysts that match or outperform PGM-based alternatives at a dramatically lower cost, potentially reducing electrolyzer catalyst costs by up to 70%. The funding will enable Milvus to scale production, validate its technology at industrial levels, and expand its team while benefiting from EQT’s global network of industrial partners. Leaders from both organizations emphasized that the technology has the potential to reshape the economics of green hydrogen and other clean-energy systems by overcoming raw-material constraints.

(PRESS RELEASE) STOCKHOLM, 20-Nov-2025 — /EuropaWire/ — EQT Foundation has expanded its support for breakthrough climate technologies by investing €200,000 in Milvus Advanced, a UK startup developing next-generation nanomaterials that can replace platinum group metals (PGMs) in clean energy systems. The contribution forms part of a £5 million Seed round led by Hoxton Ventures and reflects EQT Foundation’s mission to back frontier technologies that help accelerate decarbonization while making the energy transition more scalable and cost-effective.

As global demand for low-carbon fuels and green hydrogen increases, electrolyzer manufacturers face growing challenges linked to the scarcity and high cost of PGMs such as platinum and iridium. These metals make up as much as 40% of the cost of an electrolyzer stack, and limited global supply has created persistent price volatility. Milvus Advanced aims to address this bottleneck with a proprietary platform that designs high-performance catalysts from widely available elements like copper, nickel, and iron.

The startup’s nanomaterials have demonstrated catalytic performance that matches — and in some cases exceeds — PGM-based alternatives while achieving cost reductions of up to 70%. By delivering equivalent performance at approximately 1% of the material cost, Milvus’s technology has the potential to unlock a $10 billion market opportunity and dramatically accelerate the scale-up of green hydrogen and other clean energy technologies.

Founded by a materials scientist with a PhD from Oxford University, Milvus Advanced is transitioning from laboratory validation to early commercialization. Its early prototype materials have already been tested by major industrial companies, underscoring the market’s interest in scalable PGM-free alternatives.

Proceeds from the Seed round will support Milvus’s growth through 2026, enabling the company to scale manufacturing, conduct large-scale validation campaigns, expand its technical and commercial teams, and address the core challenge of maintaining performance and cost advantages at industrial volumes. EQT Foundation’s investment not only provides capital but also opens doors to industrial partners across the EQT Platform, including companies involved in green hydrogen, energy infrastructure, and advanced materials such as Air Liquide, SunGreenH2, Bekaert, Nel Hydrogen, and Plug Power.

Cilia Holmes Indahl, CEO of EQT Foundation, emphasized that Milvus exemplifies the kind of scientific innovation needed to accelerate the energy transition. She highlighted the company’s ability to “teach” abundant metals to perform the tasks typically reserved for platinum and iridium, helping to scale green technologies without relying on rare and expensive materials.

Assia Kasdi, CEO of Milvus Advanced, underscored the transformative nature of the company’s approach, noting that their technology “rewrites the elemental rules” by enabling low-carbon solutions that are not constrained by global metal shortages. She added that the Seed funding — and EQT Foundation’s network — will help Milvus scale production, build its team, and bring its substitutes to industries developing the next wave of climate-relevant technologies.

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About EQT

EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of more than three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has €‌​​267​‌ billion in total assets under management (€139​‌ billion in fee-generating assets under management) as of 30 September 2025, within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,900 employees.

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About EQT Foundation

EQT Foundation is a philanthropic organization and long-term shareholder of the global investment organization EQT, founded by partners at EQT. The Foundation supports scientists and entrepreneurs bringing breakthrough solutions from lab to market, combining EQT’s expertise with catalytic investments and grants. With a focus on supporting scientific progress in underfunded areas of climate and health, the Foundation provides a learning platform for EQT employees to develop and work collaboratively across the globe, while engaging in philanthropy and making a positive impact.

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About Milvus Advanced

Founded in Oxford, Milvus designs next generation of low-cost nanomaterials that replace some of the world’s most scarce and strategic materials in clean energy, catalysis and optoelectronics. By leveraging widely available elements and proprietary materials engineering, Milvus catalyzes a future where the energy transition is not only possible but elemental.

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SOURCE: EQT AB