Inexperienced Li-ion says its battery recycling machines are the “dimension of a small home,” so it’s no marvel the Singapore-based startup wanted to prime up on funds. It’d solely raised about $15 million forward of its newest money infusion.
This week, Inexperienced Li-ion introduced a $20.5 million “pre-Collection B” spherical led by climate-tech investor TRIREC. The startup mentioned different traders, together with SOSV and Equinor Ventures (the VC arm of the Norway-owned fossil gas large), additionally chipped in.
The deal boosts Inexperienced Li-ion’s post-money valuation to $187 million after simply three years, chief government Leon Farrant instructed TechCrunch. The startup’s brand is (you guessed it!) a inexperienced lion.
The brand new money will assist the startup scale manufacturing of its recycling tech, which the agency says can course of “100% of all used lithium batteries” and come out precursor cathode energetic materials that’ll ultimately go into recent lithium-ion batteries.
Lithium is in excessive demand and mining the steel wreaks havoc on the setting, making recycling tech a vital software in reducing the footprint of issues like electrical automobiles 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, together with Aleon and TES (which is owned by SK, the South Korea-based fossil gas large). Inexperienced Li-ion goals to crank out 50 recycling models per yr by way of two factories — one in Houston, Texas and one other in Singapore.
As for that “pre-Collection B,” Farrant mentioned the startup has cut up its Collection B into two components, which encompasses the elevate introduced this week and one other in about 9 months. “As a result of our comparatively low ranges of fund elevating to this point,” the founder added, the startup “wanted to attract a line within the sand and set up a valuation enhance for the bigger portion of the elevate.”