NEU Battery Materials wrapped up its oversubscribed $3.7 M Seed funding round

SGInnovate, a Singapore government-backed deep tech investor and ecosystem builder, led the oversubscribed seed funding round that raised $3.7 million for NEU Battery Materials, a lithium-ion battery recycling startup with headquarters in Singapore.

NEU Battery Materials said in a statement on Monday that ComfortDelGro Ventures, Shift4Good, Paragon Ventures I, and other angel investors had also invested in the round.

The automated recycling line from NEU Battery Materials will be deployed faster thanks to the money raised in the round, which will result in less operational labor being needed, the statement claims.

The startup will also concentrate on strengthening existing alliances in important international markets to meet their battery needs and create fresh direct alliances with electric vehicle (EV) OEMs and battery producers to accelerate the uptake of its technology in the transportation and mobility industry.

NEU Battery Materials has expanded its capabilities by starting research into the recycling of other lithium battery chemistries, such as the well-known cobalt-based batteries used in smart devices and electric vehicles (EVs).

In the meantime, a deep tech startup in Singapore is developing electrochemical redox targeting technology for the environmentally friendly recycling of battery components.

Its patented process uses regenerative chemicals to avoid toxic waste and harsh acids and relies solely on electricity as a consumable.

It paves the way for the wider adoption of a more sustainable method to recycle all kinds of lithium-ion (Li-ion) batteries because it is less polluting than more widely used techniques like hydrometallurgy and pyrometallurgy.

The world’s first redox-targeting recycling method that can process lithium iron phosphate (LFP) batteries, this process yields battery-grade lithium that can be supplied back to battery manufacturers.

“This achievement fuels our ambitious growth strategy, empowering us to expand into new markets and enhance the capabilities of our Singapore facility,” said Bryan Oh, Chief Executive Officer, NEU Battery Materials.

“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,

“Together with our partners, we are driving positive change in the industry, ensuring a greener and more sustainable future for all,” he added.

Almost 30% of all new battery capacity for light-duty vehicles in 2022 was accounted for by LFP batteries alone, second only to lithium nickel manganese cobalt oxide (NMC).

Chinese EV OEMs, which have accounted for over 95% of global demand, have driven the growing market share of emerging battery chemistry.