Green Li-ion (HAX) secured funding from Twin Towers Ventures, the VC arm of Malaysian oil company Petronas, to help build out its Oklahoma factory.
Per Axios, which exclusively covered the news, Green Li-ion “plans to raise a Series B round of $50 to $80M in the first quarter of next year. The funding rounds will partly go toward building out a facility in Oklahoma that will showcase its battery-recycling technologies, which include turning waste battery scrap or used batteries into cathode battery materials.
The company raised $20.5 million in March.”
Green Li-ion’s machines can convert spent lithium ion into 100% pure grade cathode material, steps ahead of others in the space that stop at “black mass” output, which must be shipped off to be further refined. Their machines, which are already being deployed to customers, can recycle 4 to 6 metric tons of end-of-life batteries per day (20 EV batteries or 70,000 smartphone batteries)—see a machine in action here.
This revolutionary technology improves recyclers’ margins on batteries by up to 4x, reduces environmental impact, and produces cathode material that is “made in the USA” under US regulatory definitions, as well as meeting EU and AU regulatory requirements, regardless of the recycled batteries’ origin.