Princeton NuEnergy (PNE) – a clean-tech innovator specializing in recycling, repurposing, and commercializing lithium-ion battery materials – recently announced the initial closing of its Series A funding round, raising $16 million. Wistron Corporation, a Fortune Global 500 member and industry leader in electronics recycling services, led the funding round.
New institutional investors participated in this round, including Honda Motor Co., GS Futures, and Traxys North America, joining previous investors Greenland Technologies, Shell Ventures, and WorldQuant Ventures, among others. PNE will use the proceeds to construct a new recycling facility and equipment procurement to increase processing capacity and support company operations further.
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. And PNE’s approach enables higher critical material recovery rates and superior material performance than traditional recycling methodologies.
Along with the $16 million Series A and previous seed rounds totaling $7 million, PNE has been awarded multiple research grants for battery recycling from the U.S. Department of Energy, most recently for $12 million and $4.375 million. And the Series A funding will fortify PNE’s commitments to reducing the nation’s reliance on foreign critical materials, expanding domestic manufacturing capabilities, and enhancing the creation of high-quality clean energy jobs in the U.S.
“As the world navigates the challenges of sustainable energy and responsible technology disposal, PNE remains dedicated to driving innovative solutions that have a positive impact. This Series A funding round represents a major step towards realizing our vision of a cleaner, greener future through cutting-edge lithium-ion battery recycling technology. We are grateful for the support from our investors and partners and look forward to building upon the solid foundation we have built to date.”
— PNE Founder and CEO Dr. Chao Yan
“Wistron is pleased to be a significant investor in and partner with PNE. Closing this round marks another milestone in advancing PNE’s technology, establishing a foundation for the lithium-ion battery circular supply chain, and addressing the global need for electrification to help combat climate change. We are particularly proud to be PNE’s partner in our joint pilot production facility in McKinney, TX and are excited for PNE’s future prospects.”
– Peter Tung, President of Service and Recycling Business Group, Wistron Corporation
“Princeton NuEnergy has an innovative concept and technologies for lithium-ion battery recycling, and Honda has high expectations for their future potential. The plasma-based direct recycling technology will enable the sustainability of the EV battery supply chain and, as Honda strives to achieve 100% use of sustainable materials by 2050, we envision that this technology has a great potential. Honda will continue to search for, collaborate with and invest in various venture companies with a promising future through our global open innovation program – Honda Xcelerator Ventures.
– Manabu Ozawa, Managing Executive Officer of Honda Motor Co., Ltd.