Li Industries of Pineville, NC, a provider of direct recycling technology for lithium-ion battery, closed a Series B funding of $42M with an additional commitment from investors.
New backers include General Motors (GM) Ventures and Tech Energy Ventures.
The company intends to scale up operations and develop synergistic partnership.
Li Industries, led by CEO Zheng Li has developed scalable direct-recycling technologies for lithium ion batteries used in electric vehicles and consumer electronics. Its patented process of direct recycling can recycle all types and sizes of lithium-ion battery and produce high-purity commercial-grade batteries, enabling an effective and sustainable recycling.
Li Industries plans to expand their 10,000-tonne recycling facility, and further develop their cutting-edge recycling technology.
The company has now raised more than $50M in total funding.
FinSMEs
27/06/2024