Market Study

Efficient separation and recycling of rare earth elements (REE) stands as one of the most crucial challenges in today’s technological landscape, impacting everything from consumer electronics to emerging green industries. Our market research reveals a rapidly intensifying need for reliable, local sources of REE in Switzerland and Europe. This demand stems directly from global supply imbalances - most REE are currently mined and refined in China, with recent export restrictions and geopolitical tension placing manufacturers in the EU and US at significant risk. Most recycled REE from e-waste account for less than 1% of demand, revealing a critical gap and a substantial growth opportunity for innovative solutions.

Here is our Market Study:

Current Technology Landscape

A meticulous analysis of existing recycling practices found that current technologies primarily rely on chemical separation (e.g., hydrometallurgy), which is energy-intensive, generates hazardous waste, and could not efficiently process REE from mixed electronic scrap. The need for cleaner extraction methods - with the ability to deliver certified, circular REE - is now more urgent than ever.

Our team engaged with companies working in the REE-recycling sector to identify unmet needs and ideal market fits. The feedback was clear: stakeholders are seeking partners who can transform leftover streams into value-added products, support regulatory compliance, and supply traceable REE oxides. Regulatory measures, including the EU Critical Raw Materials Act, further incentivize domestic supply and recycling, while industry and consumers increasingly reward sustainable, low-carbon materials with premium prices.

Solution Implementation

Facing competition from niche chemical phosphorous lamps and magnet-to-magnet recycling initiatives, our technology offers modular, bio-based REE separation integrated directly into existing e-waste workflows. By providing verifiable Life Cycle Assessment (LCA) metrics and traceable product provenance, we can potentially unlock new revenue for recyclers and deliver a sustainable supply chain for manufacturers.

Figure 3 - conceptualisation of our system’s implementation in existing e-waste recycling pipelines.

As you can see from Table 1, our market mapping revealed that:

Adoption of our solution will focus first on Swiss and European recyclers handling magnet-rich feedstock. Our protein-based REE-separation technology can be directly implemented into existing e-waste recycling facilities, which could operate the system given appropriate in-house training of the personnel. The multi-layered REE filtering chemostat system can be installed directly in the recycling companies’ system, thus providing a feasible, efficient service, very convenient for the client, and easy to implement in their own facility.

Our business model incorporates long-term offtake contracts, gate-fee partnerships, and premium LCA-certified services for B2B clients.

LCA and service-quality testing

In order to provide a qualitative service that is valuable to our clients, our technology must be strictly tested by competent third parties - or even by the clients themselves. For such purpose, we researched and identified potential pilot-partners that could conduct thorough quality assessments of our service, and that could potentially help us tailoring the technology to be more aligned with the market’s needs.

A summary of these findings can be seen in Table 2.

1. Suisse Technology Partners AG (Neuhausen am Rheinfall, near Suisse-Romande)
   • Independent technology service provider with strong analytical capabilities for chemical and materials testing, ISO and GMP accredited.
   • Expertise in elemental analysis, material characterization, and R&D support that aligns well with testing bio-based REE recycling systems.
2. UMICORE (has facilities near Suisse-Romande region including Germany and belgium)
   • Leading materials technology and recycling company specialized in precious metals and advanced recycling processes, including some REE recovery.
   • Potential collaborator and market entry partner for integrating and validating REE recovery technologies.
3. SWICO (Swiss e-waste collectors and recyclers association)
   • Key player in e-waste management and collection networks in Suisse-Romande, providing access to feedstock streams and industry partnerships.
   • Potential pilot partner for actual waste processing and technology integration.
4. Swiss E-Waste Recycling Facilities in Suisse-Romande (e.g. local divisions of Immark AG, Thommen Recycling)
   • Regional recycling facilities handling electronic waste, capable of collaborating on pilot projects to test and demonstrate technology performance in real industrial environments.
5. Local University Labs or Institutes (e.g., EPFL, University of Lausanne)
   • Research centers with expertise in environmental chemistry, sustainable materials, and biotechnology.
   • Can provide testing support, validation, and academic collaboration to strengthen pilot trials and credibility.

These partners offer a balanced mix of technology development, industrial recycling, feedstock access, and analytical testing capabilities essential for pilot validation in Suisse-Romande. Establishing collaborations with them early could accelerate testing, refinement, and commercialization of your REE recycling service.

Building our Venture

Our implementation plan centers on leveraging Switzerland's strong start-up ecosystem throughout the initial development and scaling of REEvolutionaTe. We begin with rigorous laboratory design and testing of our bio-based REE separation system, followed by active participation in incubators to refine both product and business model. Concurrently, we engage early with potential clients and industry experts to validate market fit and establish strategic partnerships.

Upon successful prototype validation, we will incorporate as a Sàrl company and enter accelerator programs to accelerate growth and secure first commercial customers. Our business model prioritizes integration with existing e-waste recycling facilities, offering a circular solution that returns high-purity REE oxides to the supply chain, primarily targeting the European EMS market.

Post commercialization, we plan measured scaling including facility expansions and hiring of technical, operations, and sales staff, with reinvestment of revenues driving growth. Ultimately, our goal is to establish a robust, sustainable supply chain that captures increasing market share, supports regulatory compliance, and enables geographic expansion to Europe and the United States.

This phased approach balances technology maturation, market development, and operational growth to maximize commercial success and positive environmental impact.

Timeline

Timeline and Key Milestones

Timeline	Phase/Category	Activities and milestones
Now - September 2026	Research & Development	Laboratory research, prototype improvements, join incubators, optimize REE capturing efficiency
September 2026 - 2027	Incubation & Testing	Start-up incubation, scale technology, test in real environments, conduct market research, client outreach
September 2027 - 2030	Company Formation & First Market Entry	Legal incorporation (Sàrl), formalize IP protection, join accelerators, initiate first sales, integrate first recycling facility partners
2030 - 2035	Expansion & Scale-Up	Expand operations to additional facilities, scale production capacity, grow market share toward 1–2% of global recycled REE supply
> 2035	Global Expansion & Diversification	Broaden geographical market (Europe & USA), diversify feedstock (e-waste & mining waste), develop own processing facilities for greater control

Figure 4 - Expected goals planning and execution timeline of our venture.

Stakeholders

The steps taken to plan execution of our venture embody the entrepreneurial spirit: engaging customers, validating our MVP with direct industry expertise, and demonstrating that our technology is inventive, scalable, and aligns logically with stakeholders’ needs.

What's more, our proof-of-principle demonstration of REE capture and recovery confirms the feasibility of our approach, and marks the creation of a Minimal Viable Product (MVP).

Key insights

• Integration into existing e-waste recycling and refining value chains is essential.
• Compliance with evolving EU regulations (CRMA, waste directives) is a must.
• Traceability, certification (LCA), and transparent supply chains are high priority for customers.
• Early, active engagement with recyclers and refiners for feedstock and market access.
• Public-private partnerships and involvement in European alliances (ERMA) can reduce financial and regulatory risks.
• Technical innovation and environmental advantage (bio-based, modular extraction) are critical differentiators against incumbent chemical methods.

Figure 5 - Stakeholder matrix. In the matrix, stakeholders are arranged by the level of interest they could have in our company (represented on the X axis) as well as by level of influence (Y axis) they could potentially bring to our future venture.

Table 3 thoroughly summarises the stakeholders potentially involved in or impacted by our service, highlighting the possible alliances we could consider in our go-to market strategy.

Expected revenue

The initial market strategy for REEvolutionaTe focuses on generating revenue through service fees charged to e-waste recycling facilities. These fees cover the cost of extracting rare earth elements (REE) from residual waste streams after conventional precious metal recovery, providing recyclers with a value-added service that enhances their revenue and ESG profiles. This approach is well aligned with increasing demand in the EU and Swiss markets for sustainability, supported by certified life-cycle assessments (LCA) and eco-labeling, which add a premium appeal to the recycled materials.

Following this, the main revenue stream will come from the sale of high-purity REE oxides tailored to the electronic manufacturing sector (EMS). Initial pilot-scale sales are projected to generate significant turnover, with pricing reflective of the premium placed on traceable, locally sourced, and environmentally friendly materials. Economies of scale are expected as production expands, lowering costs and improving profit margins, while reinforcing market credibility and demand.

Table 4 illustrates a summary of our planned revenue flowstream.

Combined, these revenue streams establish a robust financial foundation that supports further investment in technology refinement, scaling of operations, and geographic expansion.

Our technology addresses critical environmental pain points inherent in conventional rare earth element (REE) sourcing - such as resource depletion, pollution from mining, and hazardous waste disposal - by innovating a bio-based, circular solution that extracts REE from electronic waste and mining residues.

This reduces dependency on geopolitically concentrated primary mining, minimizes toxic emissions, and curtails ecological damage outside planetary boundaries.

Socially, the model fosters economic resilience by creating local green jobs in recycling and biotechnology sectors within Switzerland and Europe, promoting equitable access to critical materials for clean technology industries.

By integrating certified life-cycle assessments and sustainability labels directly into the value chain, REEvolutionaTe ensures transparency and stakeholder trust, contributing positively to environmental health and social well-being simultaneously.

Overall, our venture embodies the Doughnut’s vision of a regenerative and distributive economy, advancing technological innovation while respecting planetary limits and human dignity.