Category Visionaries Preston Bryant, Co-Founder of Momentum: $20 Million Raised to Transform Battery Recycling Through Materials Science Innovation
In a recent episode of Category Visionaries, we spoke with Preston Bryant, Co-Founder, Executive Chair and Chief Commercial Officer of Momentum. The company has developed a groundbreaking materials science technology that enables efficient recycling of critical metals from batteries and other electronic waste. Originally focused on rare earth magnet recycling, Momentum pivoted to tackle the growing challenge of battery recycling, offering a solution that requires significantly less capital investment than traditional methods.
Topics Discussed:
- Evolution from oil and gas exploration to sustainable materials processing
- Development of MSX technology for efficient metal extraction
- Journey from rare earth magnet recycling to battery recycling
- Building strategic partnerships in the battery recycling ecosystem
- Transitioning from founder-CEO to Executive Chair and CCO
- Navigating the challenges of commercializing deep tech
- Fundraising experiences and investor dynamics
- Future vision for controlling critical materials supply chains
GTM Lessons For B2B Founders:
- Operate on shoestring budgets during hard tech development: Bryant emphasized the importance of being extremely selective with spending during the early stages. He noted, "You need to figure out how to make your dollar go further. You have to be very choosy about the projects and the feedstocks that you're willing to process." Early-stage founders should maintain strict financial discipline while validating their technology.
- Find the right commercial application through iteration: Momentum spent four years exploring different applications before finding product-market fit in battery recycling. Bryant shared, "From 2016 to 2020...we tried automation, we tried many different supply partnerships, and none of them really worked out for magnet recycling. But boy, did it take off for the battery recycling piece." Founders should be prepared to pivot their technology to different applications until finding the right market opportunity.
- Build strategic partnerships to demonstrate full value chain: Momentum's partnership with Cerbus Solutions and 6K demonstrated a complete supply chain solution from collection to end product. Bryant explained, "We decided okay, that would be a worthwhile, even though this was very custom to one sort of customer, it would show that we could do the whole supply chain." Deep tech founders should consider strategic partnerships that showcase their technology's role in the broader ecosystem.
- Navigate the transition from technical founder to scaled leadership: As the company grew, Bryant transitioned from CEO to Executive Chair and CCO roles. He reflected, "It requires different things of you, from being a startup founder to then being an actual manager of people to then being executive chairman...You've got to be willing to change or you'll quickly get swept aside." Founders should prepare themselves mentally for evolving leadership roles as their companies scale.
- Leverage accelerator programs for credibility: Getting into Halliburton Labs during COVID helped attract investor attention. Bryant noted, "That was great because they helped us not only build a product, but that name helped attract attention to us from investors." Deep tech founders should seek reputable accelerator programs that can provide both technical validation and investor credibility.
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