Princeton NuEnergy, a Bordentown, NJ-based clean- tech innovator specializing in recycling, repurposing, and commercializing lithium-ion battery materials, raised $16M in Series A funding.
The round was led by Wistron Corporation (TPE: 3231), Additionally, new investors participated in this round, including Honda Motor Co., Ltd. (NYSE: HMC), GS Futures, and Traxys North America, joining previous investors Greenland Technologies, Shell Ventures, and WorldQuant Ventures, among others.
The company intends to use the funds for new recycling facility construction and equipment procurement to further increase processing capacity and support company operations.
Led by Founder and CEO Dr. Chao Yan, Princeton NuEnergy is a clean-tech company founded out of Princeton University, that works in the field of critical materials supply chain with its patented direct recycling technology for lithium-ion batteries. Its patented low-temperature plasma-assisted separation process (LPAS™) produces battery-grade cathode and anode materials suitable for direct reintroduction into cell manufacturing. This direct recycling process delivers recycling efficiency rates of over 95% and exceptional ESG performance at half the cost and with a lower environmental footprint compared to conventional methods. In 2022, PNE launched an end-to-end production-scale lithium-ion battery direct recycling line in the U.S.
In addition to the $16m Series A and previous seed rounds totaling $7m, PNE has been awarded multiple research grants for battery recycling from the U.S. Department of Energy, most recently for $12m and $4.375m.
FinSMEs
06/11/2023