The NEU Battery Materials team
NEU Battery Materials, a Singapore-based lithium-ion battery recycling startup, has secured US$3.7 million in an oversubscribed seed funding round led by SGInnovate.
ComfortDelGro Ventures, Shift4Good, Paragon Ventures I, and other angel investors also joined.
These funds will accelerate the deployment of NEU Battery Materials’s automated recycling line, which will lower operational manpower requirements. It will also develop partnerships in key global markets to support their battery requirements and forge new direct partnerships with electric vehicles OEMs and battery manufacturers to further the adoption of its technology within the transport and mobility sector.
“This achievement fuels our ambitious growth strategy, empowering us to expand into new markets and enhance the capabilities of our Singapore facility. With our advanced automated process line, we are poised to efficiently handle a greater influx of batteries from partners, further bolstering the sustainability of batteries,” said Bryan Oh, CEO of NEU Battery Materials.
NEU Battery Materials has developed an electrochemical redox-targeting technology for the sustainable recycling of battery materials. Its patented process requires electricity as its only consumable and utilises regenerative chemicals to avoid toxic waste and harsh acids.
Being less polluting than more commonplace methods, such as hydrometallurgy and pyrometallurgy, it paves the way for the broader adoption of a more sustainable way to recycle all forms of lithium-ion (Li-ion) batteries.
This technique produces battery-grade lithium, which can be supplied back to battery manufacturers, and can also process lithium iron phosphate (LFP) batteries.
The firm has set up a 150-square-metre pilot recycling plant in Singapore, capable of processing approximately 150 tonnes of lithium batteries annually.
In broadening its capabilities, the startup has also initiated research into recycling other lithium battery chemistries, such as the cobalt-based batteries used in smart devices and EVs.
“LFP battery recycling, when done in a sustainable manner, will be the foundation of a viable circular economy for batteries, offering new, more stable supply and revenue streams, while reducing the negative, and often unequal negative impacts of mining,” said Tong Hsien-Hui, Executive Director (Investments) at SGInnovate. “Emerging technologies that offer scalable, impactful solutions to sustainability goals is one of SGInnovate’s key focus areas, and we are pleased to support NEU Battery Materials in their wider decarbonisation mission.”
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