Latest financing totaling $26.4 million over six months, supplements the company’s $16.1 million initial closing with the remaining round attracting valuable strategic partners.

BORDENTOWN, N.J., May 13, 2024 — Princeton NuEnergy (“PNE”), a leading clean-tech innovator specializing in lithium-ion battery direct recycling, proudly announces a successful round of equity financing totaling $10.3 million. Key investors include SCGC (a subsidiary of SCG Group), Tech Council Ventures, and a subsidiary of LKQ Corporation. This recent injection of capital brings the company’s total Series A funding over the past 6 months to $26.4 million.

PNE’s flagship innovation is a low-temperature plasma-assisted separation process (LPAS™), a patented technology that significantly reduces costs, environmental waste, and carbon emissions commonly associated with lithium-ion battery recycling. PNE’s direct recycling approach enables higher critical material recovery rates and superior material performance compared with traditional recycling methodologies.

“We are immensely thankful for the support of our investors and partners. With their backing, we’re set to expand upon the solid groundwork we’ve laid, driving forward with even greater momentum.” stated PNE Co-Founder and CEO, Dr. Chao Yan. “PNE’s Cathode-to-Cathode™️ technology is reshaping the landscape of critical material reclamation, driving down costs while making a significant impact on the sustainability of battery recycling. This groundbreaking process not only reduces carbon emissions and energy consumption but also establishes a sustainable model for battery recycling.”

The newly acquired funds will support construction of an Advanced Black Mass and Cathode Manufacturing Center in the heart of the southeastern U.S. ‘battery belt’.

In addition to this $26.4 million Series A raise and preceding Seed Round of $7 million, PNE has secured multiple U.S. Department of Energy grants for battery recycling research of $18 million, in total. The new Series A funding further solidifies PNE’s commitment to reducing the nation’s dependence on foreign critical materials by securing the U.S. critical material supply chain, fostering domestic manufacturing capabilities, and cultivating high-quality clean energy jobs within the United States.

About LKQ Corporation:
LKQ Corporation is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OEM recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles.

About Tech Council Ventures LLC
Founded in 2000, Tech Council Ventures has been focused on investing in exciting innovators across multiple industries in the region for over 20 years. Tech Council Ventures offer portfolio companies access to an extensive network of resources and expertise to accelerate their success.

About SCG Chemicals Public Company Limited
SCG Chemicals Public Company Limited (SCGC), a subsidiary of The Siam Cement Public Company Limited (SCG), is a leading industry player in the Asia-Pacific region. Established in 1989, SCGC specializes in high-value-added (HVA) products across various sectors. Through joint ventures and separate business units, SCGC develops innovative solutions for industrial and everyday applications.

For media inquiries, please contact:
Arsalan Khan
[email protected]

SOURCE Princeton NuEnergy

Growth equity firm focused on revenue-generating services businesses that play an increasingly critical role in bringing new medicines to patients

BOULDER, Colo., May 13, 2024 — NewVale Capital LLC (“NewVale”), a Boulder-based growth equity firm focused on investments in the services architecture underpinning the life science industry, today announced the final close of its inaugural fund. The oversubscribed $167 million fund will accelerate the growth of proven pharmaceutical services companies that play an essential role in bringing medicines to patients.

NewVale invests in services, software, and technologies – the infrastructure of life sciences – that have a proven return on investment for pharmaceutical customers, helping to accelerate timelines, reduce costs and improve quality. With nearly $200 million¹ total under management, the firm makes investments of between $10 and $50 million in growth companies across the continuum of the pharmaceutical value chain, including discovery, clinical, manufacturing, regulatory and commercialization. The NewVale team comprises veteran life science investors, company builders and pharmaceutical executives who bring decades of experience in the global pharmaceutical industry.

Todd Holmes, Founder and Managing Partner of NewVale, commented: “While the science behind novel therapeutics has never been more promising, the pharmaceutical industry is undergoing a major evolutionary shift. To contend with its own rapid growth and formidable external pressures, the industry has been remodeling itself in ways that will make it sustainable for the decades ahead. In its evolution, biopharma has quietly become reliant on a vast and complex system of outsourced services that few have focused on, a system that now draws more than half of all dollars invested in biopharma.” 

The fund has completed three initial investments:

• Aizon – NewVale led a $20 million growth financing to expand the availability of Aizon’s machine learning software, which has been proven to cost-effectively increase productivity and reduce batch errors in the pharmaceutical manufacturing process.
• Argonaut Manufacturing Services – NewVale led a $45 million growth financing to meet the need for high-quality clinical and commercial sterile fill/finish capabilities of small- and medium-sized biopharmaceutical companies.
• Beaconcure – NewVale led a $14 million growth financing to provide the pharmaceutical and contract research industry with a novel software platform that reduces the time and cost of the biostatistical validation process across all clinical trials.

Mr. Holmes continued, “We are thrilled to launch an independent growth equity fund committed exclusively to the services companies that help deliver much-needed therapies to patients. With our capacity to provide ample capital, our heritage as company builders and our expansive networks across the pharmaceutical industry, we’ve designed NewVale to be a valued partner for management teams looking to accelerate their growth.”

In under nine months, NewVale surpassed its target raise and initial hard cap with capital commitments from institutional limited partners across university endowments, foundations, insurance companies, fund of funds and family offices, alongside recognized pharmaceutical executives and investors. 

Strathmore Group LLC served as exclusive placement agent for NewVale and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., provided legal counsel in connection with the fundraising.

About NewVale Capital

Founded in 2022, NewVale Capital is a growth equity investment firm focused on supporting the services architecture underpinning the life science industry. The firm invests in proven, revenue-generating services businesses across the life science ecosystem that are helping to bring the next generation of medicines to patients. For more information, visit: www.newvalecapital.com.

¹ Includes co-investment special purpose vehicles managed by NewVale Capital

SOURCE NewVale Capital

NY-based boutique fund backed by established LP base of experienced investors and successful founders

NEW YORK, May 10, 2024 — 97212 Ventures, a NY next-generation VC and day-one partner for Israeli founders, today announced the closing of a 20-million dollar fund aimed at investing in new Israeli pre-seed and seed startups, providing them instant access to a pool of rich New York resources to grow their businesses including key senior advisors, early customers and channel partners, paving the way to US product-market fit and early growth.

New York has established itself as a hub for Israeli tech, with 30 Israeli unicorns and 450 startups headquartered in the city. 97212 founder Eyal Bino has played a key role in the creation of this hub, having previously co-founded ICONYC labs, a go-to-market accelerator focused on investing in pre-seed Israeli startups that helped reduce time to access the US market. ICONYC success stories include Connecteam, Dataloop, Leal Health, Duve, SecuriThings, Copyleaks and many more.

“Israel has unique tech talent and this moment, when securing venture capital funding is particularly tough for early stage startups in Israel, offers unique opportunities for us to access top innovations that have the potential to become unicorns,” said Eyal Bino, Founding Partner. “This new fund serves as a complete plug-in for Israeli entrepreneurs looking to build global startups by giving them capital, guidance and instant access to the entire NYC tech ecosystem including senior advisors, design partners, potential partners, and customer introductions.”

97212 Ventures is a first-time fund dedicated to providing capital for Israeli startups to establish a presence in New York City and requires founders to move there within 18 months. The firm invests in B2B enterprise technologies, digital health and wellness, plus sectors where digital transformation tech is critical such as fintech, prop tech and logistics. The fund has already invested in 14 startups including:

• Pioneering hybrid drug company Remepy, co-founded by Michal Tsur, (former President of Kaltura) and Or Shoval. Former Prime Minister Naftali Bennett, who made his name as a hugely successful tech founder, is a key advisor to the company. 
• Beti, an advanced, cloud-based platform designed to allow construction companies to efficiently supervise and coordinate workflows and worker safety on site
• Ritual, providing digital tools to guide users through their personalized relationship journeys with on-demand therapists.

97212 Ventures is backed by a collection of successful investors, founders and operators including  Modi Rosen, Co-founder / Managing Partner, Magma Ventures and first investor in Waze, Appsflyer, Guesty amongst other Israeli unicorns;  Owen Davis, Managing Partner, Contour Ventures and first investor in successful NYC startups Datadog and SeatGeek; Paul Martino, Managing Partner, Bullpen Capital, and first investor in FanDuel, and Ran Reske, Founder and CEO, Resident which recently sold for $1B, among others.

About

Based in New-York, 97212 Ventures is a seed fund exclusively focused on investing in top early-stage Israeli startups committed to building category defining companies in NYC. Backed by an established LP base of experienced investors and successful founders, the fund is fast becoming the “go-to VC” for Israeli founders looking to expand their companies to NYC and cut time to the US market.

SOURCE 97212 Ventures

SINGAPORE, May 9, 2024 — OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, has issued updates for May 9, 2024. 

OKX Ventures Announces Seed Round Investment in Arch Network, a Bitcoin-Native Application and Smart Contract Platform

OKX Ventures today announced its participation in the seed investment round for Arch Network, a Bitcoin-native application and smart contract platform.

Arch Network is the first Bitcoin-native application platform, enabling bridgeless DeFi on the world’s largest blockchain. It is a parallelized, proof-of-stake network that leverages zero-knowledge proof (ZK proof) technology to enhance Bitcoin-native programmability. The network consists of a Rust-based zkVM, called the ArchVM, and a decentralized verifier network. Together, these components form a trustless execution environment directly within the Bitcoin blockchain, allowing for bridgeless trading experiences.

OKX Ventures Founder Dora Yue said: “We are delighted to invest in Arch Network, a Bitcoin-native application platform that takes inspiration from the SVM (Solana Virtual Machine). It utilizes parallelization and integrates ZK proof technology to facilitate dynamic, Turing-complete smart contracts on Bitcoin. This novel approach dramatically improves user experience and the trust assumptions made by Bitcoin users, enabling a smooth and frictionless experience while maintaining a trustless relationship with dApps and protocols.”

For further information, please contact:

[email protected]

About OKX Ventures

OKX Ventures is the investment arm of the second-largest crypto exchange by trading volume and Web3 technology company OKX, with an initial capital commitment of USD 100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.

Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.

Find out more about OKX Ventures here.

Disclaimer

SOURCE OKX Ventures

The company’s advances in mathematical research allow them to generate predictive synthetic responses with proven accuracy, upending the $94 billion research and insights industry

TEL AVIV, Israel, May 9, 2024 — Fairgen, the company generating accurate AI responses to surveys, has raised $8 million to date in Seed funding, led by Maverick Ventures Israel, with participation from Tal Ventures, IGNIA and Creator Fund to move consumer insights into the AI era. The company is launching FairBoost, its flagship solution that doubles the size of under-sampled segments using predictive synthetic responses.

Consumer brands spend millions on market research to understand everything they can about their target markets. In most cases, they are forced to waste resources collecting large amounts of data to meet sample quotas and reach conclusions about niche markets. In some cases, researchers must go back and pay a premium to collect more responses from underrepresented groups in the study. These boosts generally take weeks to collect and can be prohibitively expensive.

Fairgen became the first company to use synthetic data for granular insights when it proved scientifically that it could augment under-sampled segments with a high degree of accuracy using proprietary algorithms. Fairgen’s FairBoost trains an AI model exclusively on the customer’s survey data. The model learns the relationship between the different surveyed groups and can extrapolate from the larger groups, generating new responses for niche groups in minutes that are mathematically guaranteed to be statistically accurate.

“Through deep research, we’ve built AI models that augment structured datasets with statistical guarantees. This technology can unlock granular insights across all industries,” said Samuel Cohen, PhD, founder and CEO of Fairgen. “We’ve worked with some of the top AI researchers to test and validate our method, and we are now ready to open it up to the whole industry.”

Fairgen was founded by Samuel Cohen, a former research scientist at Meta, and serial entrepreneurs Benny Schnaider & Michael Cohen. Advisors include unicorn founder Daniel Amzallag and Emmanuel Candès, the director of statistics and mathematics at Stanford, who helps develop, review, and validate Fairgen’s technology.

“Fairgen is pioneering a foundational breakthrough in quantitative research by seamlessly integrating traditional statistics with generative AI technology,” said Prof. Candès. “This fusion leads to enhanced predictability, as evidenced by a rigorous assessment of its outputs.”

“Fairgen’s pioneering approach, using statistical AI to generate synthetic data, leverages AI in a new way” said Michel Abadi, General Partner at Maverick Ventures Israel. “This technology marks a significant breakthrough for the applications of AI to a wide range of industries.”

Fairgen is used by some of the largest global consumer brands and has recently signed a partnership with the international market research firms, IFOP and BVA, which rigorously tested their technology and integrated it into their offerings.

Media Contact
Lazer Cohen
[email protected]
+97258-419-2917

SOURCE Fairgen

Partners with Utilities across the US and Integrated with Google Home, LG, Rheem, and others to Support the Grid and Reduce Residential Utility Bills

OAKLAND, Calif., May 9, 2024 — Renew Home, North America’s largest residential virtual power plant (VPP), has launched out of the combination of Google’s Nest Renew service and OhmConnect. The new company brings together millions of customers across the nation, helping to stabilize the grid and to reduce home energy costs.

Renew already controls nearly 3GW of electrical energy use, and is planning to expand to 50GW by 2030 – approximately 25% of the total VPP growth recently projected by the U.S. Department of Energy (DOE). DOE projects that by tripling the scale of VPPs, we could meet 10-20% of peak electricity demand by 2030 – which would avoid $10 billion in grid costs.

Backed by a $100M investment from majority owner Sidewalk Infrastructure Partners (SIP), Renew Home will transform residential energy by enabling millions of homes across the country to collectively reduce and shift their energy use.

“The marriage of Nest’s innovative approach to managing energy use in the home with OhmConnect’s customer-focused grid services platform will be transformational,” said Renew Home CEO Ben Brown. “With our industry-leading partners, Renew Home will be able to coordinate the home energy use of millions of customers to help catapult us into a 100% clean energy future.”

Renew Home is already working with the Google Home APIs as a platform provider of integrations to control devices and energy use in millions of homes. Renew Home also integrates with dozens of additional devices and appliances in the home – including LG, Honeywell, SunPower, Sense, and others – and will support demand response and VPP programs with more than 100 utilities.

“This is a pivotal moment for virtual power plants,” said Alan Machuga, CTO of Rheem. “We are excited to partner with Renew Home to help customers save money and energy – while supporting the grid. As a leading manufacturer of HVAC and Water Heating products, Rheem uniquely brings both potential for energy savings and energy storage, to which water heaters play a critical role.”

According to the DOE, VPPs are aggregations of distributed energy resources such as rooftop solar with behind-the-meter batteries, electric vehicles and chargers, electric water heaters, smart buildings and their controls, and flexible commercial and industrial loads that can balance electricity demand and supply and provide utility-scale and utility-grade grid services like a traditional power plant.

About Renew Home

Renew Home, North America’s largest residential virtual power plant, revolutionizes residential energy management by enabling residents to lower utility bills while stabilizing the energy grid. By harnessing energy reduction from millions of homes into a cohesive virtual power plant, Renew Home’s impact on the grid is transformational. Collaborating with industry leaders such as Google Nest, Rheem, LG, Honeywell, SunPower, and Sense along with over 100 utility partnerships, Renew Home is spearheading the residential clean energy movement. Renew Home is a Sidewalk Infrastructure Partners (SIP) company.

More information, visit RenewHome.com; Follow on LinkedIn, Facebook, and Instagram.

Media Contact
Alexandra Pony
[email protected]
250.858.0656

SOURCE Renew Home

NEW YORK and LONDON, May 9, 2024 — Avenue Capital Group today announced the successful final closing of the Avenue Europe Special Situations Fund V (the “Avenue Europe Fund”). Together with separately managed accounts, over $1 billion of commitments have been raised for the Avenue Europe Fund from a broad range of existing and new investors, including public and corporate pension plans, sovereign wealth funds, asset managers and family offices.

The Avenue Europe strategy is focused on providing senior secured, asset-backed loans to structurally underserved borrowers across Northern Europe. As traditional lenders have reduced their lending in certain areas of the market, there is an attractive opportunity for alternative lenders with established capabilities. The Avenue Europe team leverages Avenue’s origination platforms and long-standing presence in Europe to generate a large volume of recurring lending opportunities in these market niches which are generally less competitive and have high barriers to entry.

Avenue is an established investor in Europe. The firm launched its dedicated presence in the region in 2004 and has since deployed more than $26 billion in European special situations and credit investments. Today, its Europe team of investment professionals operates from a London headquarters and offices throughout the region, overseeing close to $4 billion in investments across a range of investment vehicles focused on Europe.

“We are gratified to have received such strong support for the Avenue Europe Fund from our existing and new investment partners,” said Marc Lasry, CEO and Co-Founder of Avenue Capital Group. Jon Ford, Senior Portfolio Manager and Head of Avenue’s Europe Strategy, added, “We are confident in our ability to deliver attractive and differentiated returns. Our pipeline of lending opportunities continues to significantly exceed our available capital.”

“The support from our investors will allow us to continue to target a compelling opportunity in European asset-backed lending,” said Padraig Moore, Senior Portfolio Manager. “We look forward to growing the Avenue Europe business as we see an incredible number of opportunities in our area of expertise in the market.”

The Avenue Europe Fund has drawn over 50% of committed capital and is expected to be fully committed within the next 12 months.

About Avenue Capital Group
Avenue Capital Group is a global investment firm focused primarily on making opportunistic credit and other special situations investments across the United States, Europe and Asia. Avenue, founded in 1995 by Marc Lasry and Sonia Gardner, draws on the skills and experience of over 60 investment professionals, and more than 180 employees worldwide operating from its headquarters in New York and three offices across Europe, four offices throughout Asia, an office in Silicon Valley and an office in Abu Dhabi. Avenue has assets under management of approximately $12.2 billion.

Media Contact: Todd Fogarty, Kekst CNC. [email protected] or +1 917 992 1170

SOURCE Avenue Capital Group

Series C financing led by Decheng Capital and supported by a syndicate of new and existing investors including Cormorant Asset Management, Surveyor Capital, SymBiosis, Tetragon Financial Group, Walleye Capital, Laurion Capital Management, LG Technology Ventures, Cantor Fitzgerald & Co, Silver Arc Private Capital, The Prader-Willi Syndrome Association – USA, Vickers Venture Partners and the Foundation for Prader-Willi Research

SAN DIEGO, May 9, 2024 — Aardvark Therapeutics, Inc. announces an $85 million oversubscribed Series C financing led by Decheng Capital, with participation from Cormorant Asset Management, Surveyor Capital, SymBiosis, Tetragon Financial Group, Walleye Capital, Laurion Capital Management, LG Technology Ventures, Cantor Fitzgerald & Co., Silver Arc Private Capital, The Prader-Willi Syndrome Association – USA, and existing investors, including Vickers Venture Partners and the Foundation for Prader-Willi Research.  

As part of the investment, Decheng Capital’s Managing Director, Victor Tong, Jr., joined Aardvark’s board of Directors. In August 2021, Aardvark announced its $29 million Series B preferred stock round led by Vickers Venture Partners.

Cantor Fitzgerald & Co. acted as the sole placement agent for the Series C preferred stock financing.

Aardvark intends to use the proceeds from the financing to (1) complete the clinical trials required for regulatory approval of Aardvark’s lead asset, ARD-101, for the treatment of hyperphagia in patients with Prader-Willi Syndrome, (2) demonstrate ARD-101’s complementary mechanism of action to the current GLP-1 therapies in the treatment of obesity and (3) advance other Aardvark pipeline programs.

Aardvark Therapeutics CEO, Tien Lee, M.D., commented:

“We believe our lead compound, ARD-101, is a well-differentiated first-in-class drug candidate that is orthogonal and complementary to existing obesity drugs and reduces hunger through the selective induction of gut-brain signaling. The novel mechanism of action and gut-restricted nature of ARD-101 contribute to its encouraging safety and tolerability profile, as well as its broad-spectrum of activity. We are excited that our new and existing investors share our vision of ARD-101’s potential therapeutic impact and the relevance of TAS2R receptors as unique pharmaceutical targets.”

The ongoing support of The Foundation for Prader-Willi Research (FPWR) and PWS Association | USA (PWSA | USA) has been invaluable for the development of ARD-101.

Dr. Theresa Strong, Director of Research Programs at the FPWR, remarked, “We are truly encouraged by the early findings of the ongoing trial of ARD-101 in young adults with PWS, which have shown marked decreases in hunger and food-seeking behavior in several treated individuals. Based on these promising findings, the FDA has already granted ARD-101 Orphan Drug Designation and Rare Pediatric Disease Designation. With the FDA’s guidance and the now secured funds, our PWS community is looking forward to a rapid expansion of the clinical evaluation of ARD-101 in the hope of bringing this novel oral drug to patients in need”. 

Stacy Ward, CEO of PWSA | USA added: “Our Patient Advocacy members and the PWS families we serve are very excited to see the ARD-101 clinical trial programs move forward to address the need for safe and effective treatments for the intense and debilitating hunger experienced by many individuals with PWS”.

Decheng Capital noted:

“Decheng Capital is thoroughly impressed by Aardvark’s pioneering work with bitter taste receptor agonists to develop new targeted therapies for Prader-Willi Syndrome and other metabolic disorders. The Aardvark management team has laid a strong foundation for the ARD-101 program. We are excited to work closely with the Aardvark team to advance its clinical programs, aiming to overcome the challenges associated with Prader-Willi syndrome.”

About Prader-Willi Syndrome (PWS)

PWS is a severe neuro-developmental disorder with an incidence of about 1 in 15,000-20,000 births. The disorder is caused by the loss of function of several genes located on chromosome 15. PWS impacts multiple organ systems and is characterized by metabolic, endocrine, and neurological dysfunction. One of the hallmark characteristics of PWS is hyperphagia-driven extreme and unrelenting hunger accompanied by developmental delays and musculoskeletal malformations. There are currently no approved therapies for the treatment of hyperphagia, which affects the health and quality of life of children and adults with PWS.

About Aardvark Therapeutics, Inc. and ARD-101

Aardvark Therapeutics is a clinical-stage biopharmaceutical company focused on developing novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases, inflammation, and other indications. Aardvark’s lead compound, oral ARD-101, is a potent bitter taste receptor (TAS2R) pan-agonist that stimulates enteroendocrine cells of the digestive tract to release multiple gut-peptide hormones including GLP-1 and the satiety hormone Cholecystokinin (CCK), which activates gut-brain neurologic signaling to mediate hunger. ARD-101 has demonstrated an ability to reduce hunger when used alone or in combination with currently available GLP-1 therapies. Based on promising clinical data from an ongoing ARD-101 trial, the FDA has granted the drug both Orphan Drug designation and Rare Pediatric Rare Disease designation in PWS.

For more information visit www.aardvarktherapeutics.com.

About Decheng Capital

Decheng Capital is an investment firm that provides capital and strategic support to early-stage life science companies with revolutionary technologies and growth stage healthcare companies with strong market presence. We are a group of dedicated professionals with complementary expertise to build highly successful companies globally. Founded in 2012, Decheng continues to capitalize on a historic opportunity in the rapid growth of healthcare industry as well as breakthroughs in life science research. With over $2 billion in capital and the support from some of the most prestigious limited partners in the world, Decheng is poised to create value for our investors and entrepreneur partners. For more information, please visit https://www.decheng.com.

SOURCE Aardvark Therapeutics, Inc.

PINEVILLE, N.C., May 9, 2024 — Li Industries announced today the successful raise of a $36M Series B funding round to scale up its next-generation lithium-ion battery recycling technologies. The round was co-led by Bosch Ventures, Khosla Ventures and LG Tech Ventures with Formosa Smart Energy Tech Corp., Anglo American Decarbonization Ventures and Chevron Technology Ventures coming in as new investors. They join existing investors, Shell Ventures and Myriad Ventures, to back Li Industries’ mission of providing the most circular, cost-effective, and sustainable solution for lithium-ion battery materials, under the guidance of Nobel Laureate Dr. M. Stanley Whittingham. Given investors’ interest, Li Industries plans to expand the round to $42M, which would bring its total private funding to more than $50M.

This new round of funding solidifies Li Industries’ growth trajectory to meet its partners’ growing needs for battery recycling services and battery materials. The capital raised will be used to construct a 10,000 ton recycling facility powered by Li Industries’ proprietary Direct Electrode-to-Electrode (Direct E2E^TM) recycling technology.

This expansion builds on the company’s Series A funding, which enabled the development of a 500-ton battery recycling facility in Pineville, NC, and a 1,000-ton battery sorting facility in Charlotte, NC.

“We are thrilled to be backed by such a strong group of investors,” said Dr. Zheng Li, co-founder and CEO of Li Industries. “Our investors bring invaluable resources, experience, and commercial partnerships that are essential for us to successfully scale and commercialize our Direct E2E™ technology.”

Ingo Ramesohl, Managing Director at Bosch Ventures, commented on the investment: “Li Industries is poised to tackle significant challenges in the Li-ion battery’s circular supply chain with innovative, scalable solutions. They are 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 their unique Direct E2E™ recycling technology.”

Anshul Agarwal, Managing Director of LG Technology Ventures, said: “Our investment signifies the beginning of a robust partnership with Li Industries aimed at developing a truly sustainable and efficient supply chain for lithium-ion battery manufacturing.”

“We invested in Li Industries early on and have watched them hit their technical and commercial milestones through the years,” said Rajesh Swaminathan, Partner at Khosla Ventures. “Their ability to scale and commercialize their technology lays a solid foundation for further growth, and we are excited to continue supporting their journey.”

For more information, please contact [email protected].

About Li Industries

Li Industries is an innovative and fast-growing climate tech company developing next-generation lithium-ion battery recycling technologies. Founded in 2017 and headquartered in Pineville, NC, Li Industries has developed scalable direct recycling technologies for lithium-ion batteries from electric vehicles and consumer electronics. Li Industries’ unique and patented direct recycling process can recycle all types of lithium-ion batteries and generate high purity commercial-grade battery materials faster, cheaper, and cleaner, enabling effective and sustainable recycling. For more information, please visit: https://www.li-ind.com.

SOURCE Li Industries