Singapore based Green Li-ion is a startup in the field of renewable tech industry aimed at producing innovative environmentally friendly technologies. With new investors, the firm is ready to level up its battery recycling machines and tech. And with $20.5 Million Green Li-ion is all recharged to scale up its battery recycling tech.
Green Li-ion announced a $20.5 million Pre–Series B round that will be led by TRIREC, climate tech advisor. As per the startup, SOSV and Equinor Ventures are also among the other investors. SOSV is a global venture capital firm that offers multi-stage investment and begins with a pre-seed startup development program.
Equinor Venture is also another active corporate venture partner aimed at investing in and supporting entrepreneurs. As per Green Li-ion their battery recycling machines are the size of a small house. The Singapore-based startup is so far ahead of its latest cash infusions that it raised about $15 million.
Leon Farrant, Chief Executive and Co-founder of Green Li-ion told, “With this deal, post-money valuation of the company is boosted up to $187 million after just three years.” With the help of this new cash, the startup is ready to scale up its recycling tech production, which in the words of the firm can process about 100% of used lithium batteries. Also, precursor cathode active material from used batteries is popped out that will eventually be used in fresh lithium-ion batteries.
Since lithium is in high demand and its mining is hazardous to the environment this recycling tool is a crucial step. This technology will help in lowering the footprint of other things like EVs and storage of renewable energy.
The startup is not recycling batteries itself, but it licensed its tech to recyclers and battery manufacturers, including TES and Aleon. Both are owned by the South Korean fossil fuel giant, SK. With an aim to produce 50 recycling units per year through its two factories. One is in Houston, Texas and the other is in Singapore.
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In the words of Farrant, “The startup split up its B series in 2 parts which encompass the raise announced this week and another one is due in about 9 months. Due to our relatively low levels of fund-raising to date needed to draw a line in the sand and establish a valuation increase for the larger portion of the raise.” And with $20.5 Million Green Li-ion is all recharged to scale up its battery recycling tech.
Source: Green Li-ion