Princenton NuEnergy, a Bordentown, NJ-based clean-tech innovator specializing in lithium-ion battery direct recycling, raised additional $10.3M in Series A funding.
Backers included SCGC (a subsidiary of SCG Group), Tech Council Ventures, and a subsidiary of LKQ Corporation, bringing the total of Series A funding over the past 6 months to $26.4M.
The company intends to use the funds to support the construction of an Advanced Black Mass and Cathode Manufacturing Center in the heart of the southeastern U.S. ‘battery belt’.
Led by CEO, Dr. Chao Yan, PNE has developed a low-temperature plasma-assisted separation process (LPAS™), a patented technology that reduces costs, environmental waste, and carbon emissions commonly associated with lithium-ion battery recycling. Its direct recycling approach enables higher critical material recovery rates and superior material performance compared with traditional recycling methodologies.
In addition to this $26.4M Series A raise and preceding Seed Round of $7M, PNE has secured multiple U.S. Department of Energy grants for battery recycling research of $18M, in total.
FinSMEs
13/05/2024