Princeton NuEnergy (PNE), a Princeton, NJ-based leader in lithium-ion battery direct recycling, closed a USD30m Series A funding.
Backers included a strategic investment from Samsung Venture Investment Corporation, Samsung’s corporate venture arm, and Helium-3, which joined the round’s previous investors, including Honda Motor Co. Ltd., LKQ Corporation, SCG Group, Traxys Group, and Wistron Corporation.
The company intends to use 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 $55m, including multiple U.S. Department of Energy grants totaling $18 million and a $7.9 million seed & angel round.
Led by Dr. Chao Yan, CEO, Princeton NuEnergy is an advanced manufacturing leader in lithium-ion battery direct recycling, furthering America’s circular battery economy. Founded out of Princeton University, PNE’s patented low-temperature plasma-assisted separation process (LPAS™) produces battery-grade cathode and anode materials suitable for direct reintroduction into cell manufacturing at half the cost and a much lower environmental footprint than conventional methods.
FinSMEs
17/06/2024
