Green Li-ion raises $20 million to disrupt the energy storage industry

Green Li-ion is a company that specializes in recycling lithium-ion batteries, which are complex and expensive to recycle and often end up in landfills.

The company is based in various locations, such as the US, Europe, Australia, and Singapore. Their process involves completely processing used lithium batteries and recycling all metals to manufacture battery-grade cathode material for new batteries directly.

Green Li-ion has recently raised a total of US$36 million, with US$20.5 million raised in a pre-series B funding round led by Trirec. This Singapore-based VC firm focuses on supporting decarbonization initiatives.

Other notable investors in this round include Equinor Ventures, the VC arm of Norwegian energy company Equinor, and Thai smart energy solutions provider Banpu Next. Green Li-ion’s multi-cathode technology was developed and prototyped in Singapore, while its units of battery processors are produced in the US.

These processors are modular and can be shipped on flatbed trucks. Once installed, they can process four to six metric tons of end-of-life batteries per day.

Green Li-ion CEO and co-founder Leon Farrant stated that the new funding would help the company scale its manufacturing to deliver 50 Green Li-ion modular units per year for recyclers eager to launch commercially viable lithium-ion battery re-manufacturing operations.

Aside from Trirec, other investors in the latest funding round include EDP Ventures from Portugal, Envisioning Partners from Korea, SOSV from the US, Energy Revolution Ventures from the UK, Dream Project Incubators Energy Ventures from Singapore and Japan, Entrepreneur

First, from the UK, TES from Singapore, LiNiCo from the US, Decarbonization Consortium from the US, IS Dongseo from Korea, MB Energy Partners from the US, and GS Holdings from Korea.

Featured Image credit – Green Li-ion

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