Vynn Capital backs Econili as Malaysia bets on recycling its battery waste
Econili Battery New Energy likes to think big. The Ipoh-based recycler has described itself as the largest lithium-ion battery recycler in ASEAN. It talks about plants on two continents and a listing on Nasdaq. thesun The latest deal is a good deal smaller. Econili has raised an extension round led by Vynn Capital, taking its […] The post Vynn Capital backs Econili as Malaysia bets on recycling…
Econili Battery New Energy, a recycler based in Ipoh, Malaysia, has secured additional funding of RM8 million (US$1.97 million) led by venture capital firm Vynn Capital. This brings the company's total funding to RM8 million. Econili specializes in recycling lithium-ion batteries and will use the funds to boost working capital, increase feedstock, and expand throughput at its existing facilities in Ipoh and Perak, Malaysia.
The company aims to recover valuable materials such as lithium, nickel, and cobalt from used batteries and battery production scrap. Despite its ambitious plans, including a third facility focused on battery remanufacturing and repurposing, and a listing on Nasdaq within three years, Econili's funding appears modest compared to its stated goals.
The Malaysian government has taken an early interest in the company, with Kumpulan Modal Perdana (KMP) investing in Econili's hydrometallurgical facility. The Malaysian government's green and circular economy push is also supporting the deal.
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