Recycling technology company Princeton NuEnergy raises another $30M

The US-based battery recycling technology venture Princeton NuEnergy closed a Series A funding round with a strategic investment from Samsung Venture Investment Corporation, Samsung's corporate venture arm, investing in breakthrough technologies across industries and from Helium-3 Ventures. Investor demand for this 50% oversubscribed round brought PNE's Series A total to $30 million. Samsung Venture and Helium-3 join the round's previous investors, including Honda Motor Co. Ltd., LKQ Corporation, SCG Group, Traxys Group, and Wistron Corporation.

The funds will support construction of PNE's first standalone, full-scale direct battery recycling advanced manufacturing facility, which will be announced later this month. In total, the company has raised over $55 million, including multiple U.S. Department of Energy grants totaling $18 million and a $7.9 million seed & angel round.

Commercializing technology initially developed at Princeton University, PNE's flagship innovation will be instrumental in driving America's circular economy for battery recycling, one where materials stay in-country, from consumption through reuse, to recycling and remanufacturing.

PNE is commercializing a lithium-ion battery recycling process that is significantly faster and less costly than traditional recycling while dramatically reducing environmental waste and carbon emissions by 70%. Unlike traditional battery-recycling processes which use significantly greater amounts of power, water and often generate difficult to manage toxic byproducts, PNE's patented low-temperature, plasma-assisted separation process (LPAS™) recovers up to 95% of materials found in all lithium-ion battery chemistries, reduces 70% energy consumption and lowers the cost over 40%.