Singapore lithium battery recycling startup Neu Battery Materials raises US$7.6 million
The latest funding round’s close coincides with the launch of the firm’s newly commissioned recycling facility
Singapore lithium battery recycling startup, Neu Battery Materials, has successfully raised US$7.6 million in its latest funding round. The influx of capital, led by Shift4Good and SGInnovate, coincides with the launch of Neu Battery Materials' newly commissioned recycling facility. The satellite city-based recycling plant is capable of processing 1,300 tonnes of scrap materials annually from lithium-ion battery manufacturing.
Bryan Oh, co-founder and CEO of Neu Battery Materials, expressed optimism about the funding, stating that it will help the company scale-up and deploy its modular LFP (lithium iron phosphate) recycling technology. This technology will enable Neu Battery Materials to expand the production of vital battery-grade lithium and reduce costs for its customers.
The round of funding not only attracted new investors such as Lotus Singapore Group and M7 Holdings, but also included existing backers like SGInnovate, Shift4Good, and Paragon Ventures I.
With the new capital and its newly commissioned facility, Neu Battery Materials will focus on scaling production, further reducing production costs, and expanding its international partner network. The company's existing roadmap, which has delivered key technical milestones ahead of schedule, will provide a solid foundation for Neu Battery Materials to continue its commercial growth and international deployment.
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