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Princeton NuEnergy (PNE) has secured $30 million of funds for lithium battery recycling. The low-temperature plasma-assisted separation (LPAS) process, developed at Princeton University, produces battery-grade cathode and anode materials for direct use in cell manufacturing.
From pv magazine USA
PNE, a New Jersey-based specialist in lithium-ion battery direct recycling, announced the close a Series A funding round with a strategic investment from Samsung Venture Investment Corp.
Founded out of Princeton University in 2019, PNE developed a patented direct recycling technology for lithium-ion batteries. The low-temperature plasma-assisted separation process, trademarked as LPAS, produces battery-grade cathode and anode materials suitable for direct reintroduction into cell manufacturing. The company reports that this recycling is done at half the cost and is 70% less energy intensive.
PNE is now commercializing its lithium-ion battery recycling process that the company reports recovers up to 95% of materials found in all lithium-ion battery chemistries.
Recovering lithium and other critical battery materials is important as the US ramps up electric vehicle produciton. While the United States is making strides toward manufacturing batteries, it is behind in the race for raw materials as China reportedly holds the majority of the world’s lithium refining capacity.
To advance lithium battery recycling, PNE has received over $55 million in grants, strategic and venture funding including investments from Honda Motor, LKQ Corp., Samsung Venture, Shell Venture, Traxys Group, Wistron Corp., and the US Department of Energy.
Investor demand for this 50% oversubscribed round brought PNE’s Series A total to $30 million. Samsung Venture and Helium-3 join the round’s previous investors. The funds will support construction of PNE’s first standalone, full-scale direct battery recycling advanced manufacturing facility.
“The incredible interest in our Series A round, capped off by a strategic investment from Samsung Venture Investment Corporation and Helium-3 Ventures, speaks to the importance of supporting a circular economy for lithium battery manufacturing here in the US,” said Dr. Chao Yan, PNE’s co-founder and CEO. “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.”
PNE was named toTime Magazine’s“America’s Top Greentech Companies 2024”
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