The Green Li-ion team
Singapore-based battery recycling solutions company Green Li-ion announced today it has closed its US$11.55 million Series A funding round, led by Energy Revolution Ventures.
Cleantech investors, including EDP Ventures (the VC arm of renewable energy producer EDP), TRIREC, SOSV, Entrepreneur First, MB Energy Partners, Ilshin Holdings, Envisioning Partners, and GS Holdings also joined the round.
The funds will allow Green Li-ion to demonstrate commercial operations, expand into Europe, and for R&D. The firm looks to develop and pilot the next generation of recycling products.
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Green Li-ion has developed a range of plug and play modular battery recycling technologies targetting recycling and manufacturing plants. The technology generates material profits for the recycler or manufacturer (by producing battery-grade materials directly from black mass). It also creates cost savings for companies in the battery supply chain.
Another benefit is that it enhances the overall sustainability of the end product.
Global demand for battery metals is currently at a historic high. This is anticipated to continue for the foreseeable future, with global power demands increasing and economies looking to decarbonise.
Accordingly, recycling spent and waste batteries will be an important source of battery materials. Green Li-ion claims its technology enables customers to undertake cost-effective on-site recycling of batteries.
Also Read: Green Li-ion raises US$3.45M to make Li-ion battery recycling ‘faster, profitable’
Leon Farrant, Co-Founder and CEO of Green Li-ion, said: “This is a pivotal moment in the battery markets. The world is experiencing exponential growth in the demand for sustainably sourced and manufactured batteries. We believe that our technology will help ensure that batteries can be brought to the market with minimal waste and safely recycled in an environmentally sustainable manner. We are at an inflexion point with the sourcing and development of battery metals, and we believe that Green Li-ion and its associated technologies have the potential to play an important role in making the battery sector climate positive.”
In March 2021, Green Li-ion had raised US$3.45 million in seed funding.
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