PINEVILLE, N.C., June 27,
2024 /PRNewswire/ -- Li Industries announced the
successful closing of its Series B funding round with an additional
$6 million commitment from investors.
The new investors include General Motors (GM) Ventures, DNX
Ventures, and Tech Energy Ventures. This latest investment brings
the total size of the Series B round to $42
million and increases Li Industries' total funding to date
to over $50 million.
"We are excited to welcome GM Ventures, DNX Ventures, and Tech
Energy Ventures as key investors in our mission to revolutionize
battery recycling," said Zheng Li,
CEO of Li Industries. "This additional funding will enable us to
further scale our operations and develop synergistic
partnerships."
"GM is taking a holistic approach to the transition to electric,
which includes investing in the reuse and recycling of batteries,"
said Anirvan Coomer, president &
managing director, GM Ventures. "Li Industries' mission aligns with
our own and their technology shows promise. We look forward to
continued progress of their technology and the potential for future
collaborations."
GM Ventures' investment underscores the growing importance of
sustainable practices in the automotive industry.
Li Industries plans to expand its 10,000 tonne recycling
facility and further develop its cutting-edge recycling
technologies. The company is dedicated to addressing the
environmental challenges posed by end-of-life batteries and
production waste, transforming them into valuable resources in a
cleaner and more cost-effective manner.
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