Inexperienced Li-ion says its battery recycling machines are the “measurement of a small home,” so it’s no surprise the Singapore-based startup wanted to high up on funds. It’d solely raised about $15 million forward of its newest money infusion.
This week, Inexperienced Li-ion introduced a $20.5 million “pre-Sequence B” spherical led by climate-tech investor TRIREC. The startup stated different buyers, together with SOSV and Equinor Ventures (the VC arm of the Norway-owned fossil gasoline big), additionally chipped in.
The deal boosts Inexperienced Li-ion’s post-money valuation to $187 million after simply three years, chief government Leon Farrant informed TechCrunch. The startup’s brand is (you guessed it!) a inexperienced lion.
The brand new money will assist the startup scale manufacturing of its recycling tech, which the agency says can course of “100% of all used lithium batteries” and come out precursor cathode energetic materials that’ll ultimately go into contemporary lithium-ion batteries.
Lithium is in excessive demand and mining the steel wreaks havoc on the surroundings, making recycling tech a vital device in decreasing the footprint of issues like electrical vehicles and storage for renewable vitality.
Picture Credit: Inexperienced Li-ion
Inexperienced Li-ion doesn’t recycle batteries itself; it licenses its tech to battery makers and recyclers, together with Aleon and TES (which is owned by SK, the South Korea-based fossil gasoline big). Inexperienced Li-ion goals to crank out 50 recycling items per 12 months through two factories — one in Houston, Texas and one other in Singapore.
As for that “pre-Sequence B,” Farrant stated the startup has cut up its Sequence B into two elements, which encompasses the increase introduced this week and one other in about 9 months. “Because of our comparatively low ranges of fund elevating to this point,” the founder added, the startup “wanted to attract a line within the sand and set up a valuation improve for the bigger portion of the increase.”
