But to Sumedh Gostu, co-founder and CEO of Fast Metals, there’s treasure in the caustic waste. Gostu thinks Fast Metals has found that chemistry, which just so happens to be partially comprised of another waste stream, also produced from alumina refineries. Fast Metals applies this waste stream, along with other chemicals, to red mud over six different steps. With the fresh funding, Fast Metals plans to scale up its process. The startup has a commercial contract with Metalox, a mineral processor, to treat one ton of red mud and refinery waste per week later this year.