raw? Green Li-ion charges $20.5M to scale recycling technology
Green Li ion says battery recycling machines are “the dimensions of a small home,” so it is no shock that the Singapore-based startup has rounded up the funds. It raised simply $15 million earlier than its newest money infusion.
Inexperienced Li-ion introduced $20.5 million this week.”Before B Series” tour led by local weather know-how investor TRIREC. The startup mentioned different traders have been additionally concerned, together with SOSV and Equinor Ventures (the VC arm of the Norwegian-owned fossil gasoline large).
The deal raises the post-money worth of Inexperienced Li-ion to $187 million after simply three years, chief government Leon Farrant informed TechCrunch. The startup’s emblem (you guessed it!) is a inexperienced lion.
The brand new money will support the preliminary scale manufacturing of recycling know-how, which the agency says can course of “100% of all lithium batteries used” and extract the lead cathode energetic materials that can finally develop into recent. lithium-ion batteries.
Lithium is in excessive demand and mining metals harms the environmentmaking recycling know-how a vital device in lowering the footprint of issues like electrical automobiles and renewable vitality storage.
Inexperienced doesn’t recycle Li-ion batteries themselves; licenses its know-how to battery producers and recyclers, together with Aleon and TES (owned by South Korean fossil gasoline large SK). Inexperienced Li-ion goals to provide 50 recycling models per yr by means of two factories, one in Houston, Texas and the opposite in Singapore.
Concerning the “pre-Sequence B”, Farrant mentioned the initiative has cut up the Sequence B into two components, protecting the hike introduced this week and in about 9 months. “Resulting from our comparatively low ranges of fundraising thus far,” the founder added, the initiative “had to attract a line within the sand and generate a price increase for the majority of the hike.”
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