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The Singapore-based lithium-ion battery recycling startup, NEU Battery Materials has raised a total of US$3.7M in a Seed Funding Round led by SGInnovate, a Singapore government-backed investor. The round was also joined by ComfortDelGro Ventures, Shift4Good, Paragon Ventures and other angel investors.
NEU Battery Materials develops an electrochemical redox technology to be use in lithium-ion battery recycling. The idea is to use electricity and regenerative chemicals to recycle black mass and thereby generate less waste as in normal hydrometallurgical methods. The company is focusing on lithium and are positive to recycle LFP batteries. Currently the company is co-located with the e-waste and battery pre-processor Se-Cure Waste Management which produces black mass which can be used by NEU Battery Materials. NEU Battery Material's pilot plant is capabable of recycling 150 tonnes year.
The funds raised in the round will accelerate deployment of NEU Battery Materials' automated recycling line, which will lower operational manpower requirements. The startup will also focus on the further development of partnerships in key global markets to support their battery requirements, and forge new direct partnerships with EV OEMs and battery manufacturers to further the adoption of its technology within the transport and mobility sector.