Li Industries announced it closed a Series B funding round with an additional $6 million commitment from investors. The company’s new investors include General Motors (GM) Ventures, DNX Ventures, and Tech Energy Ventures.
This latest funding round brings the total size of the Series B round to $42 million and increases Li Industries’ total funding to over $50 million.
GM Ventures’ investment highlights the growing importance of sustainable practices in the automotive industry.
And Li Industries plans to expand its 10,000-ton recycling facility and further advance its recycling technologies.
The company will continue to focus on 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.
KEY QUOTES:
“We are excited to welcome GM Ventures, DNX Ventures, and Tech Energy Ventures as key investors in our mission to revolutionize battery recycling. This additional funding will enable us to further scale our operations and develop synergistic partnerships.”
- Zheng Li, CEO of Li Industries
“GM is taking a holistic approach to the transition to electric, which includes investing in the reuse and recycling of batteries. 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.”
- Anirvan Coomer, Managing Director, GM Ventures
