Li Industries, a Blacksburg, VA-based early-stage lithium-ion battery (LIB) recycling company, raised $7M in Series A financing.
The round was led by Khosla Ventures, with further participation from Xerox Ventures and Shell Ventures.
The company intends to use the funds to expand operations and continue to expand its development efforts.
Founded in 2017 and led by CEO, co-founder and primary inventor of the recycling process, Dr. Zheng Li, Li Industries is a climate tech company developing scalable direct recycling technologies for lithium- ion batteries from electric vehicles and consumer electronics. The company has developed an innovative process of automated battery sorting by chemistry type and a novel direct recycling process that recovers battery electrode materials suitable for direct re-use by battery manufacturers. The recycled battery electrode material can then be supplied directly back to battery manufacturers at lower cost than virgin materials or recycled materials obtained through existing recycling approaches.