Li Industries has announced the successful completion of a $36 million Series B funding round aimed at scaling up its next-generation lithium-ion battery recycling technologies. Co-led by Bosch Ventures, Khosla Ventures, and LG Tech Ventures, with participation from Formosa Smart Energy Tech Corp., Anglo American Decarbonization Ventures, and Chevron Technology Ventures as new investors, alongside existing backers Shell Ventures and Myriad Ventures, the round underscores the growing interest in Li Industries’ mission to revolutionize lithium-ion battery material sustainability.
Guided by Nobel Laureate Dr. M. Stanley Whittingham, Li Industries aims to provide the most circular, cost-effective, and sustainable solution for lithium-ion battery materials. The successful raise positions the company to expand the funding round to $42 million, with total private funding set to exceed $50 million.
The funding will support the construction of a 10,000-ton recycling facility powered by Li Industries’ proprietary Direct Electrode-to-Electrode (Direct E2ETM) recycling technology. This expansion follows the company’s Series A funding, which facilitated the development of a 500-ton battery recycling facility in Pineville, NC, and a 1,000-ton battery sorting facility in Charlotte, NC.
Dr. Zheng Li, co-founder and CEO of Li Industries, expressed gratitude for the support from the investors, highlighting their invaluable resources, experience, and commercial partnerships crucial for scaling and commercializing the Direct E2ETM technology.
Ingo Ramesohl, Managing Director at Bosch Ventures, emphasized Li Industries’ innovative and scalable solutions for addressing challenges in the Li-ion battery circular supply chain. Notably, Li Industries stands out as the first and only company in the US capable of economically and sustainably recycling low/no cobalt batteries, such as Lithium Iron Phosphate (LFPs), at scale using the unique Direct E2ETM recycling technology.
Anshul Agarwal, Managing Director of LG Technology Ventures, expressed enthusiasm for the partnership with Li Industries, aiming to develop a sustainable and efficient supply chain for lithium-ion battery manufacturing.
Rajesh Swaminathan, Partner at Khosla Ventures, highlighted Li Industries’ remarkable progress in hitting technical and commercial milestones, emphasizing their solid foundation for further growth and continued support from investors.
With this latest funding, Li Industries is well-positioned to advance its mission of transforming battery recycling and contributing to a more sustainable future for lithium-ion battery materials.
