Lithium battery recycling startup Neu Battery Materials raises US$7.6 million in latest funding round
Close of this fundraising round coincides with the launch of its newly commissioned recycling facility
[SINGAPORE] Lithium-ion battery recycling startup Neu Battery Materials has raised US$7.6 million in its latest funding round.
The round, which was oversubscribed, was led by Shift4Good – a venture capital platform focused on decarbonising the transport sector – and SGInnovate, a deep-tech investor backed by the Singapore government.
The close of this round of fundraising coincides with the Tuesday (Oct 13) launch of Neu Battery Materials’ newly commissioned recycling facility.
The recycling plant is able to process 1,300 tonnes of scrap materials from the manufacturing of lithium-ion batteries every year.
“Our vision is to build cleaner and more resilient lithium supply chains for the ongoing energy transition,” said Bryan Oh, co-founder and CEO of NEU Battery Materials. “The commissioning of our Singapore plant is an important milestone in that journey.
“The funding will catalyse the scale-up and deployment of our modular LFP (lithium iron phosphate) recycling technology, enabling us to expand the production of vital battery-grade lithium, and at progressively lower costs to our customers.”
This latest round of capital injection saw participation from new investors including family offices Lotus Singapore Group and M7 Holdings.
SGInnovate, Shift4Good, as well as venture capital fund Paragon Ventures I were other investors that had already provided funds in the previous round.
The proceeds from this round will support the ramp-up of producing battery-grade lithium from their feedstock, and the company’s international expansion.
With the new capital and its newly commissioned plant, the startup will be focusing on scaling production, further reducing production costs, and expanding its network of partners, said the company in a media release.
“This next phase builds on an research and development road map that has delivered key technical milestones ahead of schedule, providing a strong foundation for the company’s international deployment and continued commercial growth,” it added.
