Li Industries closes $42M in Series B funding

Lithium-ion battery (LIB) recycler Li Industries, based in Pineville, North Carolina, has closed its Series B funding round with an additional $6 million commitment from investors.

New investors include General Motors, DNX Ventures and Tech Energy Ventures, and the latest investment brings the total size of the Series B round to $42 million and increases the company’s total funding to date to more than $50 million.

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“We are excited to welcome GM Ventures, DNX Ventures and Tech Energy Ventures as key investors in our mission to revolutionize battery recycling,” Li Industries CEO Zheng Li says. “This additional funding will enable us to further scale our operations and develop synergistic partnerships.”

Li Industries adds that GM’s investment underscores the growing importance of sustainable practices in the automotive industry.

“GM is taking a holistic approach to the transition to electric, which includes investing in the reuse and recycling of batteries,” says Anirvan Coomer, president and managing director of GM Ventures. “Li Industries’ mission aligns with our own and their technology shows promise. We look forward to continued progress of their technology and the potential for future collaborations.”

Li Industries plans to expand its 10,000-ton recycling facility and further develop its recycling technologies. The company says it is dedicated to addressing the environmental challenges posed by end-of-life batteries and production scrap, turning them into valuable resources in a cleaner and more cost-effective manner