Green Li-ion, a revolutionary lithium-ion battery recycling technology company based in the USA, Europe, Australia, and Singapore, announced that it has raised USD$20.5 million in Pre-Series B funding led by Singapore-based decarbonization venture capital firm TRIREC, and joined by Thailand's Smart Energy Solutions provider Banpu NEXT and Equinor Ventures, the corporate venture capital arm of the Norwegian energy company Equinor, among other investors.
The company has developed a novel technology that processes 100% of all used lithium batteries. It recycles all metals to directly re-manufacture battery-grade cathode material ready for re-use in new batteries. Green Li-ion's technology installation will be among the first in the US to produce battery-grade precursor cathode active material (pCAM), graphite, and lithium carbonate from spent lithium-ion batteries. The new funding will help the company scale its manufacturing to deliver 50 Green Li-ion modular units per year. The company has raised a total of approximately USD$36 million to date.
"TRIREC is excited to be leading the round for Green Li-ion. Battery rejuvenation technology is a crucial part of the electrification journey as it solves a critical battery material supply crunch problem by reintroducing raw materials into the manufacturing process. This lowers the cost of producing new batteries and reduces emissions related to battery raw materials logistics. Green Li-Ion's innovative technology is commercially proven to be able to achieve the objectives which will be a game-changer for a greener and better future," said Melvyn Yeo, Managing Partner at TRIREC.
Lithium-ion batteries are technologically difficult and expensive to recycle. This is why 95% of batteries end up in a landfill and new battery production depends on environmentally costly lithium mining. Green Li-ion is at the forefront of a shift in technology that improves recyclers' margins on batteries by up to 4x, reduces environmental impact, and produces cathode material that is "made in the USA" under US regulatory definitions, as well as meeting EU and AU regulatory requirements, regardless of the recycled batteries' origin.
Mr. Sinon Vongkusolkit, Chief Executive Officer of Banpu NEXT Co., Ltd., said, "We expand our business ecosystem with Banpu Group's 'Greener & Smarter' strategy and continuously grow our portfolio of Total Smart Energy Solutions. We're excited with this strategic partnership with Green Li-ion, a leading technology developer in battery recycling solution, to address the environmental impact of end-of-life batteries in order to support circularity, quench global warming, and maximize the reuse of energy storage and resources. This investment will be one of the key jigsaw for the whole battery industry itself and strategy for Banpu NEXT to become an fully integrated battery player —marking a new milestone in our vision to become the Net-Zero Energy Provider for enterprises and reaffirming our commitment to innovation and sustainability."
"We are thrilled to close our Pre-Series B with such strategic and supportive partners," said Leon Farrant, CEO and Co-Founder of Green Li-ion. "This is an important first step in delivering the first US-made cathode material from battery waste and closing a crucial loop for the battery industry. 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."
Lars Klevjer, Head of Equinor Ventures, said "Equinor Ventures invests in and supports innovative companies in the energy transition. Green Li-ion is tackling an integral part of the battery value chain, and we are looking forward to collaborating with Green Li-ion and to be part of their exciting journey ahead".
Other investors in the round include EDP, Envisioning Partners, ER-V, SOSV, TES, LINICO, EF, DPI Energy Ventures, the Decarbonisation Consortium, ISDonseo, MBEP, and GS.
Green Li-ion developed and prototyped its GLMC technology in Singapore. The Green Li-ion units, manufactured in Houston, Texas, are the size of a small house and can be shipped on flat-bed trucks in modules. Once installed, they can process 4-6 metric tons of end-of-life batteries per day (up to 20 EV batteries or 70,000 iPhones) to instantly produce precursor cathode active material at battery grade, which satisfies US domestic supply requirements for the purposes of the US IRA legislation. The first working, commercial operation is slated to start production in H1 2023 at a plant operated by Aleon in Oklahoma.
Green Li-ion is revolutionizing the energy storage industry with world first clean technology that fully remanufactures spent Lithium-Ion batteries and waste.