Green lithium ion Its battery recycling machines are “the size of a small house,” he says, so it’s no wonder the Singapore-based startup needs to raise funds. It only raised about $15 million before its latest cash infusion.
This week, Green Li-ion announced $20.5 million.Pre-Series BA round led by climate technology investor TRIREC. Other investors, including SOSV and Equinor Ventures (the venture capital arm of the Norwegian-owned fossil fuel giant), have also participated, the startup said.
CEO Leon Farrant told TechCrunch that the deal boosts Green Li-ion’s post-money valuation to $187 million after just three years. The startup’s logo is (you guessed it!) a green lion.
The new cash will help the startup scale production of its recycling technology, which the company says can process “100% of all used lithium batteries” and make active material from the primary cathode material that will eventually enter a new phase. lithium ion batteries.
There is a huge demand for lithium and mining the metal Wreaks havoc in the environmentmaking recycling technology a critical tool in reducing the footprint of things like electric cars and renewable energy storage.
Green Li-ion does not recycle the batteries themselves; It licenses its technology to battery makers and recyclers, including Aleon and TES (owned by SK, the South Korean-based fossil fuel giant). Green Li-ion aims to produce 50 recyclers annually across two plants – one in Houston, Texas and one in Singapore.
As for the “pre-Series B,” Farrant said the startup has split its Series B into two parts, which includes the raise announced this week and another in about nine months. “Given the relatively low levels of fundraising to date,” the founder added, the startup “needs to draw a line in the sand and create a valuation boost for the bulk of the raise.”