Princeton nuEnergy, a Princeton, NJ based leader in direct lithium-ion recycling, has closed a USD30m series A funding.
The round was also backed by Helium-3 and Samsung Venture Investment Corporation. Previous investors included Honda Motor Co. Ltd.
The funds will be used to support the construction of PNE’s first standalone, full scale direct battery recycling advanced production facility. This will be announced later in the month. The company has raised a total of $55m. This includes multiple U.S. Department of Energy grant totaling $18m and a seed & angel round of $7.9m.
Princeton NuEnergy, led by Dr. Chao Yan as CEO, is an advanced manufacturing leader for lithium-ion batteries direct recycling. This helps to further America’s circular economy. PNE was founded out of Princeton University. Its patented low temperature plasma-assisted separator process (LPAS(tm),) produces battery-grade anode and cathode materials that are suitable for direct reintroduction in cell manufacturing. This is done at half the price and with a lower environmental footprint than traditional methods.
FinSMEs
17/06/2024