Lithium-ion batteries are costly and challenging to recycle, so 95 percent of them end up in landfills. Because of this, Green Li-ion is involved in the revolutionary industry of recycling lithium-ion batteries.
The US, European, Australian, and Singapore-based firm streamlines the whole processing of discarded lithium batteries, recovering and reusing all metals to produce battery-grade cathode material for new batteries.
Recently, Trirec, a Singapore-based VC firm that specializes in assisting decarbonization activities, led a pre-series B investment round for Green Li-ion in which the company raised US $20.5 million. Banpu Next, a developer of smart energy solutions in Thailand, and Equinor Ventures, the venture capital division of Norwegian energy giant Equinor, also took part. In this round, Green Li-funding ion’s total reached US $36 million.
While the battery processors for Green Li-ion are made in the US, the multi-cathode technology was created and prototyped in Singapore. While these processors are about the size of a small home, they are sufficiently modular to be transported on flat-bed trucks. Once they are in place, these machines can handle four to six metric tons of used batteries each day.
“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,” Green Li-ion CEO and co-founder Leon Farrant said.
