EQT Foundation invests in Milvus Advanced to enable greener, cheaper catalysts for the energy transition
EQT Foundation invests €200,000 in Milvus Advanced, a UK-based startup developing nanomaterials to replace rare metals in clean energy technologies.
Milvus’s proprietary platform creates alternatives to platinum group metals (PGMs), reducing catalyst costs for low-carbon fuels and green hydrogen production by up to 70%.
The investment aligns with EQT Foundation’s mission to back frontier technologies that accelerate decarbonization and make the green transition more affordable and scalable.
The EQT Foundation has joined a £5 million Seed round in Milvus Advanced, a UK-based startup pioneering novel nanomaterials that can replace scarce and costly metals in clean energy systems. The round was led by Hoxton Ventures, with EQT Foundation contributing €200,000.
As the global race to decarbonize accelerates, so does the demand for rare metals that underpin green technologies. Electrolyzers, essential for producing green hydrogen and other low-carbon fuels, rely on catalysts made primarily from platinum group metals (PGMs), such as platinum and iridium. These materials account for up to 40% of electrolyzer stack costs, and with mine supply constrained, the industry faces growing price volatility and shortages.
Milvus Advanced has developed a platform technology that creates highly efficient alternatives to PGMs using abundant elements such as copper, nickel, and iron. Its proprietary nanomaterials not only match but in some cases outperform traditional PGM-based catalysts, offering equivalent performance at roughly 1% of the cost. This breakthrough has the potential to unlock a $10 billion addressable market while accelerating the scale-up of clean energy systems.
Founded by a materials scientist with a PhD from Oxford University, Milvus is moving from lab validation to early commercialization. The company’s technology has already attracted attention from leading industrial players which has tested early product batches.
The Seed round will provide runway through 2026 and enable Milvus to scale production, conduct extensive validation, and build a world-class technical and commercial team. The company’s main challenge now lies in scaling its manufacturing processes while maintaining performance and cost advantages, an area where EQT’s industrial and infrastructure expertise can add significant value.
Through EQT Foundation’s network, Milvus will have access to potential industrial partners and customers across the EQT Platform, including players in hydrogen production and energy infrastructure such as Air Liquide, SunGreenH2, Bekaert, Nel Hydrogen, and Plug Power.
Cilia Holmes Indahl, CEO EQT Foundation: “Milvus Advanced represents the kind of scientific ingenuity the energy transition needs. They 'teach' abundantly available metals to replicate the high-performing functionalities of metals like platinum and iridium that are scarce, but also essential for scaling green technologies.”
Assia Kasdi, CEO of Milvus Advanced: "What if the periodic table did not limit us? We are rewriting the elemental rules: our technology offers a clear path to scale low-carbon solutions without relying on rare materials. This funding from EQT Foundation, and its network, further fuels our mission to scale production, grow our team, and bring our metal substitutes to industries building the next generation of climate solutions.”
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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.
More info: www.eqtgroup.com
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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.
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.