Blacksburg, Virginia-based lithium-ion batteries (LIBs) recycling company Li Industries raised USD 7 million. The Series A round took place on August 1, 2022. Khosla Ventures led the financing for the firm. Meanwhile, Xerox Ventures, the corporate venture capital subsidiary of Xerox Holdings Corporation and Shell Ventures joined in the funding.
Purpose of funding for Li Industries
With the latest capital infusion, the company intends to expand its operations. Besides, it seeks to continue to expand its development efforts and enhance its product offerings.
Meanwhile, Li Industries is the latest addition to the portfolio of Xerox Ventures in the current year. Earlier, Xerox Ventures invested in Anvilogic, LimaCharlie, Seurat Technologies and LinkSquares.
What the founder has to say
Li Industries CEO, co-founder and primary inventor of the recycling process, Dr Zheng Li, said, “The support and partnership with Xerox Ventures is a huge step forward for the Li Industries team. Combined with their wealth of materials expertise and industry network, Xerox’s backing will ensure our vision for a new age of battery recycling is brought to fruition.”
What the investor has to say
Chris Fisher, the managing director of Xerox Ventures, commented, “Given the impressive technical backgrounds of Li Industries’ founding team, it’s no surprise that they’re at the forefront of such important sustainability advancements.”
He further added, “As demand for EV batteries continues to grow, and emerging chemistries rapidly take hold – including batteries with little to no Cobalt or Nickel content, Li Industries’ novel technology will be the most efficient and economical path towards recycling batteries at scale.”
About the company
Li Industries was founded in 2017. Dr Zheng Li is the CEO, co-founder, and also the primary inventor of the recycling method. Blacksburg, VA-based Li Industries deals in the climate tech segment. It develops next-generation lithium-ion battery recycling technologies. It leverages electronic vehicles and consumer electronics to build its offerings. The climate-tech company has developed an innovative process of automatic battery sorting by chemistry type. Besides, it generated a novel direct recycling process that recovers battery electrode materials suitable for direct re-use by battery manufacturers. Its methods are both unique and patented. Manufacturers can use the recycled battery electrode material at a lower cost than virgin materials or recycle materials obtained through existing recycling approaches. All in all, Li industries supply its offerings in a cheaper and cleaner manner, which enables effective and sustainable recycling of even low-cobalt or cobalt-free lithium-ion batteries.
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