Battery Resourcers, a startup once spun out of Worcester Polytechnic Institute in Massachusets, has raised $20M in a series B funding led by Orbia Ventures and participation with from other investors including At One Ventures, TDK Ventures, TRUMPF Venture, Doral Energy-Tech Ventures and Jaguar Land Rover's InMotion Ventures.
The company says the funding will support the development of a commercial-scale processing facility with the annual capacity to process 10,000 tons of batteries.
The announcement comes after several resent capital injections in lithium-ion battery recyclers in both North America and Europe such as Li-Cycle, Linico and Elemental Holding as well as new partnerships such as Renault/Solvay/Veolia and Retriev/Marubeni.
Battery Resourcers has developed a hydrometallurgical process which materials from separate black mass from crushed lithium-ion batteries which are used to produce precursors or even cathode materials for use in new batteries.
With Battery Resources investing in a commercial plant they now join a group of 8 companies that either plan or already operate hydrometallurgical processes in North America, which will take the capacity to over 100,000 tonnes per year within 2 years. Besides these players there are another handful of companies with shredding processes and agreements with processors either on the North American continent or overseas.
Read more about the deal here.