Singapore: Green Li-ion, a green tech startup in Singapore specializing in sustainable industrial solutions for battery rejuvenation, announced today that it has raised US$3.45 million in seed funding.
The newly-raised capital will be channeled towards further hardware development, including tier-1 engineering and specialist manufacturing support.
A portion of the funds will also be used as a development runaway as it works towards securing US$1 billion in sales by 2025, the company said in a press statement.
Present-day battery recycling programs are equipped to process only certain types of lithium-ion (Li-ion) batteries, which results in 95 percent of the batteries being improperly disposed of into landfills.
Green Li-ion aims to combat this issue with its patented multi-cathode processor that recycles all types of Li-ion batteries into 99.9 percent pure cathodes. This, according to the company, speeds up current recycling processes by up to 10 times and improves profits by more than four times.
“One of the world’s biggest challenges is how we can maintain sustainable growth while preserving natural resources. Forecasts predict that we will be using 30 percent more energy in 2040 than we already are. With Green Li-ion, we are committed to introducing the next generation of battery rejuvenation and closing the loop,” Leon Farrant, co-founder, and CEO of Green Li-ion said.