Princeton NuEnergy secures $30M for lithium battery recycling process

Princeton NuEnergy (PNE), a New Jersey-based company that specializes in lithium-ion battery recycling, has closed a $30 million Series A funding round with oversubscribed and strategic investments from Samsung Venture Investment Corp. and Helium-3 Ventures. 

With $55 million of total funds raised, PNE says that funding will support the construction of its first standalone, full-scale direct battery recycling advanced manufacturing facility. 

The funding round included previous investors such as Honda Motor Co. Ltd., LKQ Corp., SCG Group, Traxys Group and Wistron Corp. 

“The incredible interest in our Series A round, capped off by a strategic investment from Samsung Venture Investment Corporation and Helium-3 Ventures, speaks to the importance of supporting a circular economy for lithium battery manufacturing here in the U.S.,” PNE co-founder and CEO Chao Yan says. “This funding enables us to implement and demonstrate our capabilities at commercial scale, helping America meet the growing demand for high-performance batteries while also creating high-quality clean energy jobs.” 

PNE says its new facility will aid the circular economy in the U.S. by keeping materials within the country from consumption to recycling and remanufacturing. 

According to PNE, its lithium-ion battery recycling process reduces environmental waste and carbon emissions by 70 percent. The patented low-temperature, plasma-assisted separation process (LPAS) is said to be more efficient, recovering up to 95 percent of materials in lithium-ion batteries and reducing energy consumption by 70 percent.

The LPAS process produces battery-grade cathode and anode materials PNE says is suitable for direct reintroduction into cell manufacturing, and the company is now commercializing that process.