PINEVILLE, N.C., May 9, 2024
/PRNewswire/ -- Li Industries announced today the successful raise
of a $36M Series B funding round to
scale up its next-generation lithium-ion battery recycling
technologies. The round was co-led by Bosch Ventures, Khosla
Ventures and LG Tech Ventures with Formosa Smart Energy Tech Corp.,
Anglo American Decarbonization Ventures and Chevron Technology
Ventures coming in as new investors. They join existing investors,
Shell Ventures and Myriad Ventures, to back Li Industries' mission
of providing the most circular, cost-effective, and sustainable
solution for lithium-ion battery materials, under the guidance of
Nobel Laureate Dr. M. Stanley
Whittingham. Given investors' interest, Li Industries plans
to expand the round to $42M, which
would bring its total private funding to more than $50M.
This new round of funding solidifies Li Industries' growth
trajectory to meet its partners' growing needs for battery
recycling services and battery materials. The capital raised will
be used to construct a 10,000 ton recycling facility powered by Li
Industries' proprietary Direct Electrode-to-Electrode (Direct
E2ETM) recycling technology.
This expansion builds on the company's Series A funding, which
enabled the development of a 500-ton battery recycling facility in
Pineville, NC, and a 1,000-ton
battery sorting facility in Charlotte,
NC.
"We are thrilled to be backed by such a strong group of
investors," said Dr. Zheng Li,
co-founder and CEO of Li Industries. "Our investors bring
invaluable resources, experience, and commercial partnerships that
are essential for us to successfully scale and commercialize our
Direct E2E™ technology."
Ingo Ramesohl, Managing Director at Bosch Ventures, commented on
the investment: "Li Industries is poised to tackle significant
challenges in the Li-ion battery's circular supply chain with
innovative, scalable solutions. They are the first and only company
in the US capable of economically and sustainably recycling low/no
cobalt batteries, such as Lithium Iron Phosphate (LFPs), at scale
using their unique Direct E2E™ recycling technology."
Anshul Agarwal, Managing Director
of LG Technology Ventures, said: "Our investment signifies the
beginning of a robust partnership with Li Industries aimed at
developing a truly sustainable and efficient supply chain for
lithium-ion battery manufacturing."
"We invested in Li Industries early on and have watched them hit
their technical and commercial milestones through the years," said
Rajesh Swaminathan, Partner at
Khosla Ventures. "Their ability to scale and commercialize their
technology lays a solid foundation for further growth, and we are
excited to continue supporting their journey."
For more information, please contact info@li-ind.com.
About Li Industries
Li Industries is an innovative and fast-growing climate tech
company developing next-generation lithium-ion battery recycling
technologies. Founded in 2017 and headquartered in Pineville, NC, Li Industries has developed
scalable direct recycling technologies for lithium-ion batteries
from electric vehicles and consumer electronics. Li Industries'
unique and patented direct recycling process can recycle all types
of lithium-ion batteries and generate high purity commercial-grade
battery materials faster, cheaper, and cleaner, enabling effective
and sustainable recycling. For more information, please visit:
https://www.li-ind.com.
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SOURCE Li Industries