green li ion says its battery recycling machines are the “size of a small house,” so it’s no surprise the Singapore-based startup needed to top up funds. He had only raised around $15 million before his latest cash injection.
This week, Green Li-ion announced an investment of $20.5 million.”pre-series B” round led by climate technology investor TRIREC. The startup said other investors, including SOSV and Equinor Ventures (the Norwegian-owned fossil fuel giant’s venture capital arm), also contributed.
The deal boosts Green Li-ion’s post-money valuation to $187 million after just three years, chief executive officer Leon Farrant told TechCrunch. The startup’s logo is (you guessed it!) a green lion.
The new cash will help start-up production at scale of its recycling technology, which the company says can process “100% of all used lithium batteries” and remove active material from the precursor cathode that will eventually be used. will use like new. lithium ion batteries
Lithium is in high demand and the extraction of the metal wreaks havoc on the environmentmaking recycling technology a crucial tool for reducing the footprint of things like electric cars and renewable energy storage.
Image Credits: green li ion
Green Li-ion does not recycle batteries itself; licenses its technology to battery manufacturers and recyclers, including Aleon and TES (which is owned by South Korea-based fossil fuel giant SK). Green Li-ion aims to produce 50 recycling units per year through two factories, one in Houston, Texas and one in Singapore.
As for that “pre-Series B,” Farrant said the startup has split its Series B into two parts, encompassing the raise announced this week and another in about nine months. “Due to our relatively low levels of fundraising to date,” the founder added, the startup “needed to draw a line in the sand and set a valuation upside for most of the raise.”
