Back
HAX’s Green Li-ion raises $20.5M to ramp up deployment of its battery-recycling machines
Back
Lauren McCranie
Lauren McCranie
March 16, 2023
Source: Green Li-ion

Lithium-ion batteries are technologically difficult and expensive to recycle—which is why 95% of batteries end up in a landfill and new battery production depends on environmentally costly lithium mining.

Green Li-ion (HAX 2020) has pioneered a solution, and just raised fresh capital to expand its delivery to customers around the globe. The Singapore-based provider of lithium-ion battery recycling technology has secured $20.5 million in pre-Series B funding. The round was led by Singapore-based decarbonization venture capital firm TRIREC and included participating from SOSV, along with Thailand-based solar energy technology provider Banpu NEXT and Equinor Ventures, the corporate VC arm of Norwegian energy firm Equinor.

Green Li-ion’s machines can convert spent lithium ion into 100% pure grade cathode material, steps ahead of others in the space that stop at “black mass” output, which must be shipped off to be further refined. Their machines, which are already being deployed to customers, can recycle 4 to 6 metric tons of end-of-life batteries per day (20 EV batteries or 70,000 smartphone batteries)—see a machine in action here.

This revolutionary technology improves recyclers’ margins on batteries by up to 4x, reduces environmental impact, and produces cathode material that is “made in the USA” under US regulatory definitions, as well as meeting EU and AU regulatory requirements, regardless of the recycled batteries’ origin.

Leon Farrant, CEO and Co-Founder of Green Li-ion, said in a press release: “This is an important first step in delivering the first US-made cathode material from battery waste and closing a crucial loop for the battery industry. The new funding will help us scale our manufacturing to deliver 50 Green Li-ion modular units per year for recyclers eager to launch commercially viable lithium-ion battery re-manufacturing operations.”

READ COMPLETE ARTICLE

Did you know?

unspun’s Weaving Machines Aim to Fix Apparel’s Waste and Carbon Problem

Funded with $57 million from DCVC, Lowercarbon Capital and SOSV, among others, unspun aims to eliminate 1% of global carbon emissions

NotCo’s plant-based foods are on store shelves, but its AI engine “Giuseppe” is the real business

While it might look like a plant-based food company, NotCo is in the data and AI business—and aims to disrupt R&D in many industries that use animal and plant ingredients.

Smartex is Creating the Textile Factory of the Future

Gilberto Loureiro grew up inspecting fabrics in a Portuguese textile factory. With Smartex, he and co-founders Antonio Rocha and Paulo Ribeiro are eliminating textile defects—and their enormous cost both to manufacturers and the environment.

Novoloop Is Upcycling Your Future

Miranda Wang and Jeanny Yao have an uncanny talent for finding value where others see waste. Their plastics upcycling company, Novoloop, just raised an $21m Series A to prove it.

Upside Foods Serves Up a Sustainable Future

To find the future of food, you may have to look no further than Emeryville, CA, a small city by the San Francisco Bay, where Upside Foods has built a 53,000-square-foot production facility for cultivated meat, the first of its kind.

Sleeping Beauty

In a timeless dilemma for new parents, Radhika and her husband Bharath discovered early that their baby daughter was a fussy sleeper. The situation left them tired and frustrated; being effective at work became a challenge.

The Loneliness of the Long-Distance Entrepreneur

In December 2021 Prellis raised a $14.5 million Series B and has signed partnerships with pharmaceutical behemoths including Bristol Myers Squibb and Sanofi.

Chiu Chau Reboots a Robot into a Billion Dollar Business

It was 2016, and Chiu Chau was on the ropes. He had pitched nearly 150 venture capital firms. No one would invest. Everyone doubted the startup with the open-source laboratory robot.

RxAll’s Life-Saving Deep Tech for African Pharmacies

Adebayo (“Ade”) Alonge and Amy Kao, co-founders of RxAll had nvented a handheld scanner for detecting counterfeit prescription drugs—an illicit, multibillion-dollar industry that kills an estimated 1 million people annually globally and 100,000 in Africa.