Li Industries, a battery recycling company, secured $36 million in Series B funding to advance lithium-ion battery recycling solutions. Bosch Ventures, Khosla Ventures, and LG Tech Ventures have co-led the round, with new investments from Formosa Smart Energy Tech Corp., Anglo American Decarbonization Ventures, and Chevron Technology Ventures. These new investors are joining existing backers, Shell Ventures and Myriad Ventures.
The company aims to extend the funding round to $42 million, bringing its total private funding to over $50 million. The raised capital will be used to establish a 10,000-ton recycling facility, utilizing Li Industries’ innovative Direct Electrode-to-Electrode (Direct E2ETM) recycling technology.
This expansion follows the company’s Series A funding, which facilitated the development of a 500-ton battery recycling facility in Pineville, NC, and a 1,000-ton battery sorting facility in Charlotte, NC.
The company’s solutions include battery sorting aimed at battery collectors, sorters, and recyclers who need to sort traditional battery waste streams by battery chemistry in a more streamlined manner and direct lithium-ion battery recycling that separates and regenerates cathode materials direction from end-of-life lithium-ion batteries.
“Li Industries is poised to tackle significant challenges in the Li-ion battery’s circular supply chain with innovative, scalable solutions. They are the first and only company in the US capable of economically and sustainably recycling low/no cobalt batteries, such as Lithium Iron Phosphate (LFPs), at scale using their unique Direct E2E™ recycling technology,” stated Ingo Ramesohl, Managing Director at Bosch Ventures.
According to Mercom’s Q1 2024 Funding and M&A Report for Storage & Smart Grid, VC funding for Energy Storage companies increased by 9% YoY, with $1.2 billion in 23 deals in Q1 2024 compared to $1.1 billion raised in 19 deals in Q1 2023.
Recently, Ascend Elements, a lithium-ion battery recycling and engineered materials company, announced it has raised $162 million in new equity investments. Major investors include Just Climate, Clearvision Ventures, and IRONGREY.
