Green Li-ion Secures $20.5 Million for Battery Recycling Technology
- The investment backers included venture capital firm TRIREC, solar company Banpu NEXT as well as power firm Equinor Ventures.
- The technology can process 4-6 metric lots of disposed of batteries on a daily basis.
Singapore-based lithium-ion battery reusing technology player Green Li-ion has actually secured $20.5 million in the recent round of pre-series B financing. The investment backers consisted of venture capital firm TRIREC, solar firm Banpu NEXT and power business Equinor Ventures.
Green Li-ion has actually developed a prototype of its GLMC technology and also is expecting to start the business manufacturing of the technology in the first half of 2023. Its plant is in Oklahoma, United States.
Green Li-ion said that it is making components that are of the dimension of a small house which could be carried on trucks. The technology can refine 4-6 statistics tons of thrown out batteries every day. This is equal to reusing more than 20 electrical vehicle batteries or 70,000 smartphone batteries.
According to Green Li-ion, its mounted capacity in the United States will have the ability to obtain precursor cathode energetic product (pCAM) at battery quality that might meet the US domestic supply demands for the functions of the US Investment Recuperation Act regulations. Green Li-ion likewise generates graphite and lithium carbonate in the reusing process.
Green Li-ion co-founder as well as CEO Leon Farrant claimed on the funding round, "This is an essential very first step in providing the initial United States-- made cathode material from battery waste and also closing a crucial loophole for the battery sector."
Green Li-ion will certainly currently utilise the fresh funds to scale up the production of the technology and it has actually planned to provide about 50 modular units annually.
With total funding raised previously to the tune of $36 million, the firm has tasks in Singapore, United States, Europe and Australia.
" We're thrilled with this calculated collaboration with Green Li-ion, a leading technology developer in battery reusing service, to deal with the environmental influence of end-of-life batteries in order to sustain circularity, quench worldwide warming, and maximize the reuse of energy storage as well as sources," states Sinon Vongkusolkit, Chief Executive Officer of Banpu NEXT.
Melvyn Yeo, Handling Companion with TRIREC, commented on the battery renewal technology, "This lowers the expense of producing brand-new batteries and also reduces discharges related to battery basic materials logistics. Green Li-ion's ingenious technology is readily proven to be able to achieve the purposes which will be a game-changer for a greener and also much better future."