Green Li-ion Secures $20.5 Million for Battery Recycling Technology

Singapore-based lithium-ion battery recycling technology player Green Li-ion has secured $20.5 million in the recent round of pre-series B funding. The investment backers included venture capital firm TRIREC, solar firm Banpu NEXT and energy company Equinor Ventures.

Green Li-ion has developed a prototype of its GLMC technology and is expecting to start the commercial production of the technology in the first half of 2023. Its plant is in Oklahoma, USA.

Green Li-ion said that it is making modules that are of the size of a small house which could be transported on trucks. The technology can process 4-6 metric tons of discarded batteries on a daily basis. This is equal to recycling more than 20 electric vehicle batteries or 70,000 smartphone batteries.

According to Green Li-ion, its installed capacity in the USA will be able to procure precursor cathode active material (pCAM) at battery grade that could meet the US domestic supply requirements for the purposes of the US Investment Recovery Act legislation. Green Li-ion also produces graphite and lithium carbonate in the recycling process.

Green Li-ion co-founder and CEO Leon Farrant said on the funding round, “This is an important first step in delivering the first US – made cathode material from battery waste and closing a crucial loop for the battery industry.”

Green Li-ion will now utilise the fresh funds to scale up the production of the technology and it has planned to deliver about 50 modular units every year.

With total funding raised until now to the tune of $36 million, the firm has activities in Singapore, USA, Europe and Australia.

“We’re excited with this strategic partnership with Green Li-ion, a leading technology developer in battery recycling solution, to address the environmental impact of end-of-life batteries in order to support circularity, quench global warming, and maximize the reuse of energy storage and resources,” says Sinon Vongkusolkit, CEO of Banpu NEXT.

Melvyn Yeo, Managing Partner with TRIREC, commented on the battery rejuvenation technology, “This lowers the cost of producing new batteries and reduces emissions related to battery raw materials logistics. Green Li-ion’s innovative technology is commercially proven to be able to achieve the objectives which will be a game-changer for a greener and better future.”