Princeton NuEnergy has secured $30 million of funds for lithium battery recycling. The low-temperature plasma-assisted separation process, developed at Princeton University, produces battery-grade cathode and anode materials for direct use in cell manufacturing.
PNE on Monday announced the close of a Series A funding round with a strategic investment from Samsung Venture Investment Corp.
The funds will support construction of PNE’s first standalone, full-scale direct battery recycling advanced manufacturing facility, which will be announced later this month. In total, the company has raised over $55 million, including multiple U.S. Department of Energy grants totaling $18 million and a $7.9 million seed & angel round.
Commercializing technology founded out of Princeton University, PNE’s flagship innovation will be instrumental in driving America’s circular economy for battery recycling, one where materials stay in-country, from consumption through reuse, to recycling and remanufacturing. The company reports that this recycling is done at half the cost and is 70% less energy intensive.
“The incredible interest in our Series A round, capped off by a strategic investment from Samsung Venture Investment Corp. and Helium-3 Ventures, speaks to the importance of supporting a circular economy for lithium battery manufacturing here in the U.S.,” Chao Yan, PNE’s co-founder and CEO, said. “This funding enables us to implement and demonstrate our capabilities at commercial scale, helping America meet the growing demand for high-performance batteries while also creating high-quality clean energy jobs.”
Recovering lithium and other critical battery materials is important as the U.S. ramps up electric vehicle production.
