Lithium-ion battery direct recycling company, Princeton NuEnergy has closed the Series A funding round at $30 million with a strategic investment from Samsung Investment Corporation and Helium 3 Ventures.
In total, the company has raised over $55 million including multiple U.S. Department of Energy grants totaling $18 million and $7.9 million seed and angel round. The new funding is expected to support the construction of PNE's first standalone, full-scale direct battery recycling advanced manufacturing facility which will be announced later this month.
"The incredible interest in our Series A round, capped off by a strategic investment from Samsung Venture Investment Corporation and Helium-3 Ventures, speaks to the importance of supporting a circular economy for lithium battery manufacturing here in the U.S.," said Dr. Chao Yan, Co-Founder and CEO of PNE.
"This funding enables us to implement and demonstrate our capabilities at commercial scale, helping America meet the growing demand for high-performance batteries while also creating high-quality clean energy jobs."
PNE is involved in commercializing technology initially developed at Princeton University – one where the battery materials from lithium-ion battery recycling stay in the country from consumption through reuse, recycling, and remanufacturing. The company recycles lithium-ion batteries from electric vehicles, consumer electronics, energy storage batteries, and manufacturing scrap.
PNE claims its patented low-temperature, plasma-assisted separation process (LPAS™) recovers up to 95 percent of materials found in all lithium-ion battery chemistries, reduces 70 percent energy consumption, and lowers the cost by over 40 percent.
With the close of the latest funding round, Samsung Investment Corp and Helium 3 Ventures will join previous PNE investors including Honda Motor Co. Ltd, LKQ Corp, SCG Group, Traxys Group, and Wistron Corp.
Cenntro Electric, Princeton NuEnergy enter strategic partnership LOI for LiB recycling -