Singapore-based battery recycling technology startup Green Li-ion announced that it has successfully closed its $11.55 million Series A funding round, led by energy-tech venture capital Energy Revolution Ventures Limited.
The round was also backed by clean tech co-investors including the CVC arm of world’s fourth-largest renewable energy producer EDP (EDP Ventures), TRIREC, SOSV, Entrepreneur First, MB Energy Partners, Ilshin Holdings, Envisioning Partners, and GS Holdings.
The funds secured will allow Green Li-ion to capitalise on the significant market opportunity at hand, including its commercial operations, expansion into European market, and further research and development.
Green Li-ion has developed a range of innovative modular battery recycling technologies that are plug and play applications to current battery recycling or battery manufacturing plants. The technology not only generates material profits for the recycler or manufacturer (by producing battery grade materials directly from black mass), but it also creates significant cost savings for companies in the battery supply chain.
Another important benefit of the technology is that it enhances the overall sustainability of the end-product. Battery metals are finite commodities, so Green Li-ion is well placed to play a pivotal role in ensuring that these commodities can be recycled safely and responsibly, in order to reduce waste and lessen the need for greenfield mining operations.
Global demand for battery metals is currently at a historic high and this is anticipated to continue for the foreseeable future, with global power demands increasing and economies look to decarbonise. Accordingly, recycling of spent and waste batteries is going to be an important sources of battery materials. Green Li-ion’s technology enables customers to undertake cost effective on-site recycling of batteries.
“The world is experiencing exponential growth in the demand for sustainably sourced and manufactured batteries and 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 inflection 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 co-founder and CEO Leon Farrant said.