NEU Battery Materials, a Singapore-based lithium-ion battery recycling startup, raised US$3.7M in Seed funding.
The round was led by SGInnovate. Other investors included ComfortDelGro Ventures, Shift4Good, Paragon Ventures I, and angel investors.
The company intends to use the funds to accelerate deployment of its automated recycling line, which will lower operational manpower requirements.
Led by Bryan Oh, CEO, NEU Battery Materials is a lithium battery recycling company which produces clean and sustainable lithium, through its patented electrochemical technology. The startup is pioneering an electrochemical redox targeting technology for the sustainable recycling of battery materials. Their patented process requires electricity as its only consumable, and utilises regenerative chemicals to avoid toxic waste and harsh acids.
In broadening its capabilities, NEU Battery Materials has also initiated research into recycling of other lithium battery chemistries such as the prominent cobalt-based batteries used in smart devices and EVs.
FinSMEs
05/07/2023