Singapore-based greentech startup Green Li-ion announced in March 2021 that it has raised US$ 3.45M in a seed funding round led by US-based cleantech company LiNiCo Corporation. Other participants in the round include TES (IT lifecycle services), HAX SOSV (hard tech VC), and Entrepreneur First (EF).
The startup will use proceeds from the funding round to accelerate hardware development, including tier-1 engineering and specialist manufacturing support. The funds will also be utilised as a development runaway as it is looking forward to obtaining US$1 billion in sales by 2025, as stated in a press statement.
About the startup
The greentech startup was founded in 2020 and specialises in delivering sustainable industrial solutions for battery rejuvenation.
Battery recycling programmes these days are equipped to process only specific types of lithium-ion (Li-ion) batteries, which results in 95 per cent of the batteries being wrongly disposed of into landfills. Green Li-ion aims to fight this issue with its exclusive multi-cathode processor that recycles all types of Li-ion batteries into 99.9 percent pure cathodes. According to the startup, this augments current recycling processes by up to 10 times and improves profits by more than four times. It has developed an operational prototype in Singapore and signed deals with TES and LiNiCo to pre-sell five machines in Singapore and the United States. Green Li-ion’s multi cathode-1 processor increases efficiency by over 200% as it can process all variations of Lithium-Ion battery.
Statements from the investors
Gary Steele, CEO of TES, said having Green Li-ion’s technology in their facility enhances their battery recycling offering and enables their supply chain to access high-purity recovered commodities. He also said that they are looking forward to a continued association to offer innovative circular outcomes to clients globally.
Leon Farrant, co-founder and CEO of Green Li-ion, was quoted to have said, “One of the world’s biggest challenges is how we can maintain sustainable growth while preserving natural resources. Forecasts predict that we will be using 30 per cent more energy in 2040 than we already are. With Green Li-ion, we are committed to introducing the next generation of battery rejuvenation and closing the loop.”
Previously, the startup had raised US$ 400K in a pre-seed funding round from EF’s Singapore cohort in 2020.
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