Green Li-ion receives backing from Malaysian energy company

Singapore-based lithium-ion battery recycling technology company Green Li-ion has announced Twin Towers Ventures (TTV), an investment arm of Petronas Ventures, as its newest “strategic partner.”

Both TTV and Petronas Ventures are affiliated with Petroliam Nasional Berhad (Petronas), an oil and energy company based in Kuala Lumpur, Malaysia.

The move marks TTV’s first investment in lithium battery recycling technology, according to Green Li-ion. “The undisclosed amount invested through the partnership will help scale the manufacturing of Green Li-ion’s recycling units, containing their patented multi-cathode processor GLMC technology,” Green Li-ion says.

“We welcome TTV as a strategic partner,” says Leon Farrant, CEO and co-founder of Green Li-ion. “This partnership is a vote of confidence in our technology, and an opportunity for Green Li-ion to tap into TTV’s’ extensive network. The electrification of the global economy requires commercially viable lithium-ion battery re-manufacturing operations. We remain committed to empowering any manufacturer producing batteries to take greater control of their critical mineral supplies."

Fariz Ali, managing partner of TTV, adds, “As the world is heading towards decarbonization and electrification of the mobility space, the value chain would not be complete without addressing the needs to recycle the lithium-ion batteries effectively and efficiently. We are very proud to partner with Green Li-ion on this front in creating a just and responsible decarbonized world.”

GLMC technology is modular battery recycling units that manufacturers and recyclers can integrate into existing onsite processes. Once installed, they can process four to six metric tons of end-of-life batteries per day (up to 20 electric vehicle [EV] batteries or 70,000 smartphone batteries) to produce precursor cathode active material (pCAM) at battery grade, the firm says.

The first Green Li-ion commercial operation is scheduled to start production in this year’s fourth quarter at a plant operated by Aleon in Oklahoma. The company says it also is “rapidly expanding its presence in Southeast Asia, Europe, and North America.” Its hydrometallurgical process has been designed to help extract lithium, nickel and other metals from end-of-life lithium-ion batteries.

TTV joins previous investors in Green Li-ion that include Singapore-based decarbonization venture capital firm TRIREC, global venture capital firm SOSV, and Equinor Ventures, the corporate venture capital arm of Norwegian energy company Equinor.