The latest funding round’s close coincides with the launch of the firm’s 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 on Tuesday (Oct 13) coincides with the launch of Neu Battery Materials’ newly commissioned recycling facility.
The recycling plant can 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, adding that the new plant’s commissioning “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.”
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The latest funding round drew participation from new investors including family offices Lotus Singapore Group and M7 Holdings.
SGInnovate, Shift4Good and venture capital fund Paragon Ventures I were 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.
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In a statement, Neu Battery Materials said that with the new capital and its newly commissioned plant, it will focus on scaling production, further reducing production costs, and expanding its network of partners.
“This next phase builds on an R&D 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.