The Birkenhead-based company has secured £550,000 funding from The North West Fund for Energy & Environmental, managed by CT Investment Partners.
Ultromex develops processes for the recovery of high-value metals from electronic and industrial waste products.
The North West Fund for Energy & Environmental is part of The North West Fund, which is jointly financed by the European Regional Development Fund and the European Investment Bank.
Ultromex will use the new funding to develop its processes for the recycling of catalysts, industrial sludges and dross, and residual mine tailings.
The company is currently commercialising processes for the recovery of metals from printed circuit boards, and lead from leaded glass, with an 8,000 tonne a year plant under construction in Ellesmere Port.
Jonathan Quinn, founder and chief executive of Ultromex, said: "Working with The North West Fund for Energy & Environmental will enable us to develop our technologies even further."
Adam Workman, partner at CT Investment Partners and manager of The North West Fund for Energy & Environmental, said: "Metal recycling is a worldwide industry with more than 400m tonnes of metals worth £200bn every year.
"The market for recycled metals has shown steady growth over the past 15 years and we expect this trend to continue further in the coming years."
Adam Workman will join the board of Ultromex as a non-executive director with immediate effect.
CT Investment Partners also advises the Carbon Trust on its venture capital activities.