Princeton NuEnergy Secures $16 Million in Game-Changing Series A Funding Round
Princeton NuEnergy, a forward-thinking clean-tech innovator based in Bordentown, New Jersey, with a strong focus on recycling, repurposing, and commercializing lithium-ion battery materials, has successfully raised an impressive $16 million in its Series A funding round.
This substantial investment was spearheaded by Wistron Corporation (TPE: 3231), showcasing their confidence in Princeton NuEnergy's vision and mission. Notably, this round saw the inclusion of new investors, with prominent names like Honda Motor Co., Ltd. (NYSE: HMC), GS Futures, and Traxys North America joining forces with existing supporters such as Greenland Technologies, Shell Ventures, and WorldQuant Ventures, among others.
The infusion of capital will be pivotal in Princeton NuEnergy's expansion plans. It will be allocated towards the construction of a cutting-edge recycling facility and the procurement of state-of-the-art equipment. These strategic investments significantly enhance processing capacity, ultimately bolstering the company's operational capabilities.
Princeton NuEnergy, under the dynamic leadership of its Founder and CEO, Dr. Chao Yan, has emerged as a trailblazing clean-tech enterprise originating from Princeton University. The company specializes in the critical materials supply chain and has earned recognition for its patented direct recycling technology for lithium-ion batteries. Their groundbreaking low-temperature plasma-assisted separation process (LPAS™) yields battery-grade cathode and anode materials that can be seamlessly reintroduced into cell manufacturing.
This revolutionary recycling approach boasts an impressive recycling efficiency rate exceeding 95% and exceptional ESG (Environmental, Social, and Governance) performance. Importantly, it achieves these remarkable results at a fraction of the cost and with a substantially reduced environmental footprint compared to conventional methods. In a significant milestone for the company, Princeton NuEnergy inaugurated a full-scale lithium-ion battery direct recycling line in the United States in 2022.
Beyond the Series A funding, which raised $16 million, Princeton NuEnergy has garnered substantial support through previous seed rounds totaling $7 million. Furthermore, the company has been recognized by the U.S. Department of Energy, securing multiple research grants for battery recycling, with recent grants totaling $12 million and $4.375 million, reaffirming its pioneering role in sustainable technology.