The Green Li-ion team
Green Li-ion, a lithium-ion battery recycling technology company based in Singapore, has raised US$20.5 million in pre-Series B funding.
Singapore-based decarbonisation VC firm TRIREC, Thailand’s Smart Energy Solutions provider Banpu NEXT, and Equinor Ventures, the corporate VC arm of Norway’s Equinor, participated.
The other investors in the round are EDP (Portugal), Envisioning Partners (Korea), SOSV (US), ER-V (UK), DPI Energy Ventures (Singapore/Japan), Entrepreneur First (UK), TES (Singapore), LINICO (US), Decarbonisation Consortium (US), ISDonseo (Korea), MBEP (US), and GS (Korea).
“This is an important first step in delivering the first US-made cathode material from battery waste and closing a crucial loop for the battery industry. The new funding will help us scale our manufacturing to deliver 50 Green Li-ion modular units per year for recyclers eager to launch commercially viable lithium-ion battery re-manufacturing operations,” said CEO and Co-Founder Leon Farrant.
Also Read: Green Li-ion closes US$11.6M Series A for European expansion, R&D
Green Li-ion has developed a novel technology that processes 100 per cent of all used lithium batteries. It recycles and reuses all metals to directly re-manufacture battery-grade cathode material ready for reuse in new batteries.
Its technology will be among the first in the US to produce battery-grade precursor cathode active material (pCAM), graphite, and lithium carbonate from spent lithium-ion batteries.
Green Li-ion has developed and prototyped its GLMC technology in Singapore. The Green Li-ion units, manufactured in Houston, Texas, are the size of a small house and can be shipped on flat-bed trucks in modules.
Once installed, they can process four to six metric tons of end-of-life batteries per day (up to 20 EV batteries or 70,000 iPhones) to instantly produce precursor cathode active material at battery grade, which satisfies US domestic supply requirements for the purposes of the US IRA legislation.
The first working commercial operation is slated to start production in H1 2023 at a plant operated by Aleon in Oklahoma.
“Battery rejuvenation technology is a crucial part of the electrification journey as it solves a critical battery material supply crunch problem by reintroducing raw materials into the manufacturing process. This lowers the cost of producing new batteries and reduces emissions related to battery raw materials logistics,” Melvyn Yeo, Managing Partner at TRIREC, said.
In April 2022, Green Li-ion closed its US$11.55 million Series A funding round, led by Energy Revolution Ventures. Over a year earlier, it raised US$3.45 million in seed funding. The greentech startup, with a presence in the US, Europe, and Australia, has raised approximately US$36 million to date.
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