Green Li-ion, a lithium-ion battery recycling technology company, raised $20.5 million in Pre-Series B funding bringing the total funding raised to approximately $36 million.

The round was led by Singapore-based decarbonization venture capital firm TRIREC and joined by Thailand’s Smart Energy Solutions provider Banpu NEXT and Equinor Ventures, the corporate venture capital arm of the Norwegian energy company Equinor, among other investors. Other investors in the round include EDP, Envisioning Partners, ER-V, SOSV, TES, LINICO, EF, DPI Energy Ventures, the Decarbonisation Consortium, ISDonseo, MBEP, and GS.

Green Li-ion intends to use the new funds to scale up its recycling technology, which processes 100% of all used lithium batteries. The company’s technology recycles all metals to directly re-manufacture battery-grade cathode material ready for re-use in new batteries.

“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. The new funding will help us scale our manufacturing to deliver 50 Green Li-ion modular units per year for recyclers eager to launch commercially viable lithium-ion battery re-manufacturing operations,” said Leon Farrant, CEO and Co-Founder of Green Li-ion.

According to Mercom’s Annual And Q4 2022 Funding and M&A Report for Storage, Grid & Efficiency. Three battery recycling companies raised $549 million in Q4 2022. Recently, Cylib, a German battery recycling startup, announced that it had raised €8 million (~$8.6 million) in a seed extension round, bringing the total seed round amount raised to €11.6 million (~$12.6 million).