Battery Resourcers Closes $20M Series B Equity Funding

Battery Resourcers CEO Mike O’Kronley at the company's Novi, Mich. facility on April 9, 2021
Battery Resourcers CEO Mike O’Kronley at the company’s Novi, Mich. facility on April 9, 2021

Battery Resourcers, a Worcester, MA-based vertically integrated lithium-ion battery recycling and manufacturing company, recently completed a $20m Series B equity funding.

The round was led by Orbia Ventures, the venture capital arm of the multinational Orbia, with participation from other investors including At One Ventures, TDK Ventures, TRUMPF Venture, Doral Energy-Tech Ventures and Jaguar Land Rover’s InMotion Ventures.

Founded in 2015 as a spinout from the lab of Prof. Yan Wang at Worcester Polytechnic Institute, by CEO Mike O’Kronley, Battery Resourcers is a vertically integrated recycling refining and materials engineering company that turns spent batteries and production scrap directly into new, battery-ready cathode active material with reductions in cost, emissions and energy consumption.

The company intends to use the funds for the development of a commercial-scale processing facility with the annual capacity to process 10,000 tons of batteries — or the batteries from approximately 20,000 electric vehicles (EVs) a year.