Green Li-ion Secures $20.5m for Battery Recycling Technology
Green Li-ion, a Singapore-based organisation that specialises in lithium-ion battery recycling technology, has obtained $20.5 million in pre-series B funding. With this new funding, the company has gained the supports from Singapore-based decarbonization venture capital firm TRIREC, Thailand-based solar energy technology provider Banpu NEXT, and Equinor Ventures, the corporate venture capital arm of Norwegian energy firm Equinor.
Leon Farrant, CEO and founder of Green Li-ion, declared that their GLMC technology was developed and prototyped in Singapore, and the first commercial-scale operation is planned to launch in the first half of this year at a facility operated by Aleon Renewable Metals in Oklahoma.
Manufactured in Houston, Li-ion batteries that are the size of a small house can be shipped on flatbed trucks in components. After installation, these units have the capacity to process from 4 to 6 metric tons of used batteries each day, which is equal to the amount of 20 EV batteries or 70,000 smartphone batteries.
The U.S. has sufficient production abilities of precursor cathode active material (pCAM) to meet the needs required by the U.S. Investment Recovery Act, as declared by Green Li-ion. Alongside pCAM, their process also produces lithium carbonate and graphite.
Manufacturing will be expanded to create a capacity of 50 Green Li-ion modules per year, due to the fresh funding the company has obtained. A total of around $36 million has been raised so far, and the company works in Singapore, the United States, Europe, and Australia.
Sinon Vongkusolkit, CEO of Banpu NEXT, expressed his enthusiasm for their new strategic partnership with Green Li-ion, a leading technology provider in battery recycling solutions. The initiative seeks to lessen the environmental impact of end-of-life batteries, encourage circularity, reduce the effects of global warming, and optimize the reuse of energy storage and resources.
According to Melvyn Yeo, managing partner with TRIREC, battery rejuvenation technology is an essential component of the process of electrification. It resolves a major issue of the lack of available battery material supply by reintroducing the raw materials into the production cycle. This results in a decrease in the cost of creating new batteries and minimizes the pollution from the logistics of battery raw materials. Green Li-ion's groundbreaking technology has been shown to accomplish the desired goals. It is sure to be a powerful influence for a more environmentally friendly and bright future.
Green Li-ion has determined that 95 percent of lithium-ion batteries are discarded in landfills as they are expensive and challenging to recycle. The organization depicts itself as "leading the transition in technology that can amplify recycling profits on batteries by up to four times, diminish the environmental effects, and yield cathode material that qualifies as 'made in the USA' according to U.S. regulatory rules" concerning domestic components content.
Farrant expresses their excitement for the completion of the Pre-Series B with the collaboration of strategic and supportive partners. This will mark the first time a cathode material is produced in the U.S. from battery waste and will assist in closing a significant gap in the battery industry.