PINEVILLE, N.C., Might 9, 2024/ PRNewswire/– Li Industries revealed today the effective raise of a $ 36M Series B financing round to scale up its next-generation lithium-ion battery recycling innovations. 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 Innovation Ventures being available in as brand-new financiers. They sign up with existing financiers, Shell Ventures and Variety Ventures, to back Li Industries’ objective of offering the most circular, cost-efficient, and sustainable service for lithium-ion battery products, under the assistance of Nobel Laureate Dr. M. Stanley Whittingham Provided financiers’ interest, Li Industries prepares to broaden the round to $ 42M, which would bring its overall personal financing to more than $ 50M
This brand-new round of financing strengthens Li Industries’ development trajectory to fulfill its partners’ growing requirements for battery recycling services and battery products. The capital raised will be utilized to build a 10,000 load recycling center powered by Li Industries’ exclusive Direct Electrode-to-Electrode (Direct E2E TM) recycling innovation.
This growth develops on the business’s Series A financing, which allowed the advancement of a 500-ton battery recycling center in Pineville, NC, and a 1,000-ton battery arranging center in Charlotte, NC
” We are enjoyed be backed by such a strong group of financiers,” stated Dr. Zheng Li, co-founder and CEO of Li Industries. “Our financiers bring indispensable resources, experience, and business collaborations that are important for us to effectively scale and advertise our Direct E2E ™ innovation.”
Ingo Ramesohl, Handling Director at Bosch Ventures, talked about the financial investment: “Li Industries is poised to deal with substantial obstacles in the Li-ion battery’s circular supply chain with ingenious, scalable services. They are the very first and only business in the United States efficient in financially and sustainably recycling low/no cobalt batteries, such as Lithium Iron Phosphate (LFPs), at scale utilizing their distinct Direct E2E ™ recycling innovation.”
Anshul Agarwal, Handling Director of LG Innovation Ventures, stated: “Our financial investment symbolizes the start of a robust collaboration with Li Industries targeted at establishing a genuinely sustainable and effective supply chain for lithium-ion battery production.”
” We bought Li Industries early on and have actually viewed them strike their technical and business turning points through the years,” stated Rajesh Swaminathan, Partner at Khosla Ventures. “Their capability to scale and advertise their innovation lays a strong structure for more development, and we are delighted to continue supporting their journey.”
For more details, please contact info@li-ind.com.
About Li Industries
Li Industries is an ingenious and fast-growing environment tech business establishing next-generation lithium-ion battery recycling innovations. Established in 2017 and headquartered in Pineville, NC, Li Industries has actually established scalable direct recycling innovations for lithium-ion batteries from electrical cars and customer electronic devices. Li Industries’ distinct and trademarked direct recycling procedure can recycle all kinds of lithium-ion batteries and produce high pureness commercial-grade battery products quicker, less expensive, and cleaner, allowing reliable and sustainable recycling. For more details, please see: https://www.li-ind.com.
SOURCE Li Industries