inexperienced Li-ion says its battery recycling machines are the “dimension of a small house,” so it’s no marvel the Singapore-based mostly startup needed to prime up on funds. It’d solely raised about $15 million forward of its latest money infusion.
This week, inexperienced Li-ion introduced a $20.5 million “pre-collection B” spherical led by local climate-tech investor TRIREC. The startup mentioned fully different retailers, collectively with SOSV and Equinor Ventures (the VC arm of the Norway-owned fossil gasoline massive), additionally chipped in.
The deal boosts inexperienced Li-ion’s put up-money valuation to $187 million after simply three years, chief govt Leon Farrant instructed TechCrunch. The startup’s mannequin is (you guessed it!) a inexperienced lion.
the mannequin new money will assist the startup scale manufacturing of its recycling tech, which the agency says can course of “a hundred% of all used lithium batteries” and come out precursor cathode lively supplies that’ll in the end go into latest lithium-ion batteries.
Lithium is in extreme demand and mining the steel wreaks havoc on the environment, making recycling tech a very important computer software in reducing the footprint of issues like electrical vehicles and storage for renewable power.
picture credit: inexperienced Li-ion
inexperienced Li-ion doesn’t recycle batteries itself; it licenses its tech to battery makers and recyclers, collectively with Aleon and TES (which is owned by SK, the South Korea-based mostly fossil gasoline massive). inexperienced Li-ion goals to crank out 50 recycling objects per 12 months through two factories — one in Houston, Texas and one other in Singapore.
As for that “pre-collection B,” Farrant mentioned the startup has break up its collection B into two parts, which encompasses the enhance introduced this week and one other in about 9 months. “on account of our comparatively low ranges of fund elevating to this point,” the founder added, the startup “needed to draw a line inside the sand and set up a valuation enhance for the greater portion of the enhance.”
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