Princeton NuEnergy Secures $30 Million Funding Boost for Lithium Battery Recycling
Princeton NuEnergy (PNE), a New Jersey-based leader in lithium-ion battery direct recycling, has successfully closed its Series A funding round, highlighted by a strategic investment from Samsung Venture Investment Corporation.
Launched from Princeton University in 2019, PNE has pioneered a patented direct recycling technology for lithium-ion batteries. This innovative process, known as LPAS (low-temperature plasma-assisted separation), enables the production of battery-grade cathode and anode materials. Impressively, this method operates at half the cost and with 70% less energy consumption compared to traditional processes.
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PNE is now moving towards commercializing its recycling process, which it claims can recover up to 95% of materials from all types of lithium-ion battery chemistries.
The importance of recovering lithium and other essential battery materials is growing as the U.S. increases its electric vehicle production. While the U.S. is advancing in battery manufacturing, it still lags behind China, which dominates the global lithium refining market.
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PNE has garnered over $55 million in grants and investments from notable entities such as Honda Motor Co. Ltd., LKQ Corporation, Shell Venture, Traxys Group, Wistron Corporation, and the U.S. Department of Energy. This includes contributions from Samsung Venture and Helium-3 Ventures, making the Series A round 50% oversubscribed and bringing the total to $30 million. The new funds will support the construction of PNE’s first standalone, full-scale direct battery recycling facility.
“The remarkable interest in our Series A round, concluded with strategic investments from Samsung Venture and Helium-3 Ventures, underscores the critical need to support a circular economy for lithium battery manufacturing in the U.S. This funding empowers us to demonstrate our capabilities on a commercial scale, meeting the rising demand for high-performance batteries while also generating high-quality clean energy jobs.”
Dr. Chao Yan, PNE’s co-founder and CEO.