Green Li-ion says its battery recycling machines are the “size of a small house,” so it’s no marvel the Singapore-based startup wanted to prime up on funds. It’d only raised about $15 million forward of its newest money infusion.
This week, Green Li-ion announced a $20.5 million “pre-Series B” spherical led by climate-tech investor TRIREC. The startup said different buyers, together with SOSV and Equinor Ventures (the VC arm of the Norway-owned fossil gas giant), also chipped in.
The deal boosts Green Li-ion’s post-money valuation to $187 million after simply three years, chief executive Leon Farrant told TechCrunch. The startup’s emblem is (you guessed it!) a inexperienced lion.
The new money will assist the startup scale manufacturing of its recycling tech, which the agency says can course of “100% of all used lithium batteries” and come out precursor cathode energetic materials that’ll ultimately go into recent lithium-ion batteries.
Lithium is in high demand and mining the steel wreaks havoc on the setting, making recycling tech a crucial software in reducing the footprint of issues like electrical vehicles and storage for renewable energy.
Green Li-ion doesn’t recycle batteries itself; it licenses its tech to battery makers and recyclers, together with Aleon and TES (which is owned by SK, the South Korea-based fossil gas giant). Green Li-ion aims to crank out 50 recycling models per year via two factories — one in Houston, Texas and one other in Singapore.
As for that “pre-Series B,” Farrant said the startup has cut up its Series B into two components, which encompasses the increase announced this week and one other in about 9 months. “Due to our relatively low levels of fund raising to date,” the founder added, the startup “needed to draw a line in the sand and establish a valuation increase for the larger portion of the raise.”
Rawr? Green Li-ion recharges with $20.5M to scale its recycling tech by Harri Weber initially printed on TechCrunch