Singapore-based battery recycling platform Green Li-ion raised USD 11.55 million in a Series A funding round on April 20, 2022.
Energy-tech focused venture capital firm Energy Revolution Ventures Limited led the round for Green Li-ion. Meanwhile, other leading cleantech co-investors include the CVC arm of the world’s fourth-largest renewable energy producer, EDP (EDP Ventures), TRIREC, SOSV, Entrepreneur First, MB Energy Partners, Ilshin Holdings, Envisioning Partners, and GS Holdings.
Purpose of Funding for Green Li-ion
With the latest investment round, Green Li-ion can capitalise on the significant market opportunity at hand. The green tech startup will demonstrate commercial operations, including construction, commissioning and successful operations at first modular processing plants, producing battery-grade materials.
Besides, the battery recycling startup will expand its footprint into the European market. It will look to target sales in the UK and Europe.
The funding will further contribute to the research and development capabilities of the firm. The R&D capabilities will develop and pilot the next generation of Green Li-ion’s recycling products.
What the founder has to say
Leon Farrant, Co-Founder and CEO, Green Li-ion, said, “I am very pleased to have closed our Series A Funding. I would also like to thank our investors for their support at this exciting time for Green Li-ion. This is a pivotal moment in the battery markets. The world is experiencing exponential growth in the demand for sustainably sourced and manufactured batteries. We believe that our technology will help ensure that batteries can launch with minimal waste in the market and safely recycled in an environmentally sustainable manner. We are at an inflexion point with the sourcing and development of battery metals, and we believe that Green Li-ion and its associated technologies have the potential to further play an important role in making the battery sector climate positive.”
What the investors have to say
Hayden Sommer, Co-Founder and Principal, Energy Revolution Ventures, said, “We are delighted to be supporting Green Li-ion as the lead investor in its successful fundraising. The Company’s recycling technology and its installation ability to run in a modular processing plant are transformative and highly scalable. It allows manufacturers to build these modular plants near a production source of battery-grade materials, making the recycling of on-site battery materials both low cost and highly sustainable. We look forward to working with the Green Li-ion team as the company continues its path to full commercialisation and expansion into Europe.”
In addition, Luís Manuel, Managing Director at EDP Ventures, said, “Lithium-ion battery waste is a global concern. At EDP Ventures, we believe that creating a circular economy for batteries is vital not only to retain critical battery materials in the supply chain but also to boost decarbonisation. EDP wants to lead the energy transition and be green by 2030; investing in solutions that can help decarbonise our economies is key to our strategy. We are thrilled to support Green Li-ion on its global expansion.”
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