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HAX’s Green Li-ion raises $20.5M to ramp up deployment of its battery-recycling machines
Lauren McCranie
Source: Green Li-ion

Lithium-ion batteries are technologically difficult and expensive to recycle—which is why 95% of batteries end up in a landfill and new battery production depends on environmentally costly lithium mining.

Green Li-ion (HAX 2020) has pioneered a solution, and just raised fresh capital to expand its delivery to customers around the globe. The Singapore-based provider of lithium-ion battery recycling technology has secured $20.5 million in pre-Series B funding. The round was led by Singapore-based decarbonization venture capital firm TRIREC and included participating from SOSV, along with Thailand-based solar energy technology provider Banpu NEXT and Equinor Ventures, the corporate VC arm of Norwegian energy firm Equinor.

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.

Leon Farrant, CEO and Co-Founder of Green Li-ion, said in a press release: “This is an important first step in delivering the first US-made cathode material from battery waste and closing a crucial loop for the battery industry. The new funding will help us scale our manufacturing to deliver 50 Green Li-ion modular units per year for recyclers eager to launch commercially viable lithium-ion battery re-manufacturing operations.”