Green Li-ion, a Singapore-based battery recycling solutions firm, announced today that its $11.55 million Series A fundraising round, headed by Energy Revolution Ventures, has concluded.
EDP Ventures (the VC arm of renewable energy producer EDP), TRIREC, SOSV, Entrepreneur First, MB Energy Partners, Ilshin Holdings, Envisioning Partners, and GS Holdings were among the cleantech investors who participated in the round.
Green Li-ion will use the funding to show commercial operations, expand into Europe, and conduct research and development. The company wants to create and test the next generation of recycling goods.
Green Li-ion has created a line of plug-and-play battery recycling devices aimed at recycling and manufacturing facilities. For the recycler or producer, the technique creates material profits (by producing battery-grade materials directly from black mass). It also saves money for enterprises involved in the battery supply chain.
Another advantage is that it improves the finished product’s overall durability.
The global demand for battery metals is at an all-time high. This is expected to continue in the near future, as global electricity consumption rises and economies seek to reduce carbon emissions.
As a result, recycling used and discarded batteries will be a valuable supply of battery materials. Green Li-ion says that its technology allows clients to recycle batteries on-site at a low cost.
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.”
Green Li-ion had raised $3.45 million in startup investment as of March 2021.
