Green Li-ion secures $20.5M to boost recycling tech scaling. (60 characters)

Green Li-ion secures $20.5 Million to Scale Lithium-ion Battery Recycling Technology Globally

Green Li-ion, a Singapore-based startup that focuses on battery recycling, announced a pre-Series B fundraise of $20.5 million this week. The funding round was led by climate-tech investor TRIREC, with contributions from other investors, including Equinor Ventures and SOSV. Green Li-ion’s logo features a green lion.

The startup’s new post-money valuation stands at $187 million after just three years. Green Li-ion will use the recent investment to boost production of its recycling technology, which the firm claims can process 100% of all used lithium batteries.

The technology produces precursor cathode active material that will eventually be incorporated into fresh lithium-ion batteries. Lithium is now in high demand, and the attendant environmental impact caused by mining the metal makes recycling technologies such as Green Li-ion’s an essential tool in lowering the environmental footprint of electric cars and renewable energy storage.

Green Li-ion is called the first company to offer a full range of recycling solutions for used batteries, and it licenses its technology to battery makers and recyclers, including Aleon and TES. The startup aims to increase production by operating 50 recycling units per year through two factories, one in Singapore and another in Houston, Texas.

Green Li-ion has split its series B funding into two parts, according to CEO Leon Farrant. The raise announced this week would be followed in around nine months by another. Farrant stated that Green Li-ion drew a line in the sand and boosted its valuation for the bigger raise because the startup had not raised much money to date.

Consequently, Green Li-ion’s recycling machines are as large as a small house, which necessitated a top-up in funds. However, the new funding will enable the startup to scale up production of its recycling technology, which the firm says can process all used lithium batteries and supplies precursor cathode active material to be used in new lithium-ion batteries.

In conclusion, the new round of funding for Green Li-ion represents a significant development in the battery recycling sector. With the world moving towards sustainable and environmentally friendly practices, recycling firms such as Green Li-ion are proving to be essential players. As the demand for electric cars and renewable energy storage grows, it is crucial that these technologies’ environmental footprint be thoroughly assessed and ameliorated.#Rawr #Green #Liion #recharges #20.5M #scale #recycling #tech