Green Li-ion secures $20.5M in funding

Green Li-ion, a Singapore-based provider of lithium-ion battery recycling technology, has secured $20.5 million in pre-series B funding. The company’s new funding round backers include Singapore-based decarbonization venture capital firm TRIREC, Thailand-based solar energy technology provider Banpu NEXT, and Equinor Ventures, which is the corporate venture capital arm of Norwegian energy firm Equinor.

Green Li-ion co-founder and CEO Leon Farrant says his company developed and prototyped its GLMC technology in Singapore while its first commercial-scale operation is slated to start production the first half of this year at a plant operated by Aleon Renewable Metals in Oklahoma.

Green Li-ion units manufactured in Houston are the size of a small house but can be shipped on flatbed trucks in modules. Once installed, they can process from 4 metric tons to 6 metric tons of end-of-life batteries per day, the equivalent of 20 electric vehicle (EV) batteries or 70,000 smartphone batteries.

Capacity installed in the United States can produce precursor cathode active material (pCAM) at battery grade, according to Green Li-ion, “which satisfies U.S. domestic supply requirements for the purposes of the U.S. Investment Recovery Act legislation.” In addition to pCAM, the Green Li-ion process produces graphite and lithium carbonate.

The new funding will help the company scale its manufacturing to deliver 50 Green Li-ion modular units per year. The company has raised a total of about $36 million to date and, in addition to Singapore and the U.S., is active in 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.

“Battery rejuvenation technology is a crucial part of the electrification journey as it solves a critical battery material supply crunch problem by reintroducing raw materials into the manufacturing process,” says Melvyn Yeo, managing partner with TRIREC. “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.” 

Green Li-ion estimates 95 percent of lithium-ion batteries end up in a landfill because they have thus far been technologically difficult and expensive to recycle. The company describes itself as “at the forefront of a shift in technology that improves recyclers’ margins on batteries by up to four times, reduces environmental impact, and produces cathode material that is ‘made in the USA’ under U.S. regulatory definitions” pertaining to domestic materials content.

“We are thrilled to close our Pre-Series B with such strategic and supportive partners," Farrant says. "This is an important first step in delivering the first U.S.-made cathode material from battery waste and closing a crucial loop for the battery industry.”