Inexperienced Li-ion says its battery recycling machines are the “measurement of a small home,” so it’s no surprise the Singapore-based startup wanted to high 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-Sequence B” spherical led by climate-tech investor TRIREC. The startup stated different buyers, together with SOSV and Equinor Ventures (the VC arm of the Norway-owned fossil gasoline 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 informed TechCrunch. The startup’s emblem 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 metallic wreaks havoc on the surroundings, making recycling tech an important instrument in reducing the footprint of issues like electrical automobiles and storage for renewable vitality.
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 gasoline large). Inexperienced Li-ion goals to crank out 50 recycling items per yr through two factories — one in Houston, Texas and one other in Singapore.
As for that “pre-Sequence B,” Farrant stated the startup has cut up its Sequence B into two elements, which encompasses the elevate introduced this week and one other in about 9 months. “Resulting from our comparatively low ranges of fund elevating so far,” the founder added, the startup “wanted to attract a line within the sand and set up a valuation improve for the bigger portion of the elevate.”