Latest financing totaling $26.4 million over six months, supplements the
company's $16.1 million initial
closing with the remaining round attracting valuable strategic
partners.
BORDENTOWN, N.J., May 13, 2024
/PRNewswire/ -- Princeton NuEnergy ("PNE"), a leading clean-tech
innovator specializing in lithium-ion battery direct recycling,
proudly announces a successful round of equity financing totaling
$10.3 million. Key investors include
SCGC (a subsidiary of SCG Group), Tech Council Ventures, and a
subsidiary of LKQ Corporation. This recent injection of capital
brings the company's total Series A funding over the past 6 months
to $26.4 million.
"...we're set to expand upon the solid
groundwork we've laid, driving forward with even greater
momentum"
PNE's flagship innovation is a low-temperature plasma-assisted
separation process (LPAS™), a patented technology that
significantly reduces costs, environmental waste, and carbon
emissions commonly associated with lithium-ion battery recycling.
PNE's direct recycling approach enables higher critical material
recovery rates and superior material performance compared with
traditional recycling methodologies.
"We are immensely thankful for the support of our investors and
partners. With their backing, we're set to expand upon the solid
groundwork we've laid, driving forward with even greater momentum."
stated PNE Co-Founder and CEO, Dr. Chao
Yan. "PNE's Cathode-to-Cathode™️ technology is reshaping the
landscape of critical material reclamation, driving down costs
while making a significant impact on the sustainability of battery
recycling. This groundbreaking process not only reduces carbon
emissions and energy consumption but also establishes a sustainable
model for battery recycling."
The newly acquired funds will support construction of an
Advanced Black Mass and Cathode Manufacturing Center in the heart
of the southeastern U.S. 'battery belt'.
In addition to this $26.4 million
Series A raise and preceding Seed Round of $7 million, PNE has secured multiple U.S.
Department of Energy grants for battery recycling research of
$18 million, in total. The new Series
A funding further solidifies PNE's commitment to reducing the
nation's dependence on foreign critical materials by securing the
U.S. critical material supply chain, fostering domestic
manufacturing capabilities, and cultivating high-quality clean
energy jobs within the United
States.
About LKQ Corporation:
LKQ Corporation is a leading
provider of alternative and specialty parts to repair and
accessorize automobiles and other vehicles. LKQ has operations
in North America, Europe and Taiwan. LKQ offers
its customers a broad range of OEM recycled and aftermarket parts,
replacement systems, components, equipment, and services to repair
and accessorize automobiles, trucks, and recreational and
performance vehicles.
About Tech Council Ventures LLC
Founded in 2000, Tech
Council Ventures has been focused on investing in exciting
innovators across multiple industries in the region for over 20
years. Tech Council Ventures offer portfolio companies access to an
extensive network of resources and expertise to accelerate their
success.
About SCG Chemicals Public Company Limited
SCG
Chemicals Public Company Limited (SCGC), a subsidiary of The Siam
Cement Public Company Limited (SCG), is a leading industry player
in the Asia-Pacific region.
Established in 1989, SCGC specializes in high-value-added (HVA)
products across various sectors. Through joint ventures and
separate business units, SCGC develops innovative solutions for
industrial and everyday applications.
For media inquiries, please contact:
Arsalan Khan
arsalan_khan@pnecycle.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/princeton-nuenergy-pne-raises-additional-10-3-million-in-series-a-funding-to-advance-lithium-ion-battery-direct-recycling-technology-302142991.html
SOURCE Princeton NuEnergy