The Singapore-based recycling technology startup Green Li-ion has closed a new financing round of $20.5 million. The round was lead by Singapore-based venture capital company TRIREC with Thailand-based Banpu Next and Norwegian Equinox Ventures as participants.
Green Li-ion develops modular hydrometallurgical plants to leach and co-precipitate metal hydroxides from ternary batteries while also recovering lithium carbonate and graphite. They aim is that these hydroxides should be battery grade and possible to use as precursors for cathode production.
The system have a capacity to process black mass from 4-6 tonnes of end-of-life batteries per day, around 1,250 tonnes per year. The company’s first plant is to be commissioned in H1 2023 in Oklahoma, in the US, for Texas-based Aleon Metals.
The funds will be used for further expansion through sales and production of additional systems which are manufactured in Houston, Texas. Today the company has raised $36M.
Green Li-ion is one of the few companies which put there on bets on smaller plants which might be an advantage as volumes still are growing slowly.
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