Green Li-ion CTO Reza Katal (L) and CEO Leon Farrant
Green Li-ion, a greentech startup in Singapore specialising in sustainable industrial solutions for battery rejuvenation, announced today that it has raised US$3.45 million in seed funding.
US-based cleantech company LiNiCo Corporation led the round, which also saw participation from TES (IT lifecycle services ), HAX SOSV (hard tech VC), and Entrepreneur First (EF).
The news comes after the startup banked US$400,000 in a pre-seed funding round from EF’s Singapore cohort in 2020.
The newly-raised capital will be channeled towards further hardware development, including tier-1 engineering and specialist manufacturing support.
A portion of the funds will also be used as a development runaway as it works towards securing US$1 billion in sales by 2025, the company said in a press statement.
Present-day battery recycling programmes are equipped to process only certain types of lithium-ion (Li-ion) batteries, which results in 95 per cent of the batteries being improperly disposed into landfills.
Green Li-ion aims to combat this issue with its patented multi-cathode processor that recycles all types of Li-ion batteries into 99.9 per cent pure cathodes. This, according to the company, speeds up current recycling processes by up to 10 times and improves profits by more than four times.
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The one-year-old company has developed an operational prototype in Singapore and inked deals with TES and LiNiCo to pre-sell five machines in Singapore and the United States.
“Having Green Li-ion’s technology in our facility enhances our battery recycling offering and enables our supply chain to access high-purity recovered commodities,” said Gary Steele, CEO of TES. “We are looking forward to a continued partnership to keep offering innovative circular outcomes to clients all over the world.”
“One of the world’s biggest challenges is how we can maintain sustainable growth while preserving natural resources. Forecasts predict that we will be using 30 per cent more energy in 2040 than we already are. With Green Li-ion, we are committed to introducing the next generation of battery rejuvenation and closing the loop,” Leon Farrant, co-founder and CEO of Green Li-ion said.
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Image Credit: Green Li-ion
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