Li Industries announced the successful closing of a $36 million Series B funding round to scale up its next-generation lithium-ion battery recycling technologies. This funding round was co-led by Bosch Ventures, Khosla Ventures and LG Technology 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’ goal 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. Li Industries plans to expand the round to $42 million, bringing its total private funding to more than $50 million.
This new funding round solidifies Li Industries’ growth trajectory to meet its partners’ growing needs for battery recycling services and battery materials. The funding 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 round, 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.
KEY QUOTES:
“We are thrilled to be backed by such a strong group of investors. Our investors bring invaluable resources, experience, and commercial partnerships that are essential for us to successfully scale and commercialize our Direct E2E™ technology.”
- Zheng Li, co-founder and CEO of Li Industries
“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.”
- Ingo Ramesohl, Managing Director at Bosch Ventures
“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.”
- Anshul Agarwal, Managing Director of LG Technology Ventures
“We invested in Li Industries early on and have watched them hit their technical and commercial milestones through the years. Their ability to scale and commercialize their technology lays a solid foundation for further growth, and we are excited to continue supporting their journey.”
- Rajesh Swaminathan, Partner at Khosla Ventures
