Battery rejuvenation start-up Green Li-ion has closed its US$11.55 million ($15.78 million) Series A funding round.
Led by energy-tech venture capital Energy Revolution Ventures Limited, other leading cleantech co-investors include the corporate venture capital arm of world’s fourth-largest renewable energy producer EDP (EDP Ventures), TRIREC, SOSV, Entrepreneur First, MB Energy Partners, Ilshin Holdings, Envisioning Partners and GS Holdings.
This follows US$3.45 million in seed funding last May and pre-seed funding of US$400,000, the highest among its Entrepreneur First (EF) Singapore 2020 cohort of 10 companies.
Green Li-ion was founded by CEO Leon Farrant and CTO Dr Reza Katal in 2020 as part of EF Singapore’s six-month programme.
Farrant says: “I am very pleased to have closed our Series A funding and I would like to thank our investors for their support, at this exciting time for Green Li-ion… We are at an inflection point with the sourcing and development of battery metals, and we believe that Green Li-ion and its associated technologies have the potential to play an important role in making the battery sector climate positive.”
In an April 20 press release, Green Li-ion says the funding will go towards demonstrating commercial operations, expanding into Europe and developing the next generation of recycling products.
See also: Battery recycling start-up Green Li-ion raises US$3.45 mil in seed funding
Green Li-ion targets sales into the UK and Europe, which are “home to many of the world’s largest automakers and battery manufacturers”.
Hayden Sommer, co-founder and principal, Energy Revolution Ventures, says: “We are delighted to be supporting Green Li-ion as lead investor in its successful fundraising… We look forward to working with the Green Li-ion team as the company continues its path to full commercialisation and its expansion into Europe.”
Luís Manuel, managing director at EDP Ventures, says: “Lithium-ion battery waste is a global concern. At EDP Ventures, we believe that creating a circular economy for batteries is vital not only to retain critical battery materials in the supply chain, but also to boost decarbonisation. EDP wants to lead the energy transition and be all green by 2030; investing in solutions that can help decarbonise our economies is key to our strategy.”
See also: Green Li-ion shooting for billion-dollar revenue in clean batteries processing
As of last May, Green Li-ion reported a sales goal of US$1 billion by 2025. It has developed an operational prototype in Singapore, and has inked deals with TES and LiNiCo to pre-sell five machines in Singapore and the United States.
Photo: Albert Chua/The Edge Singapore
