Wednesday, July 24, 2024

Princeton NuEnergy scores $30 million in funding for lithium battery recycling – pv journal Worldwide

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Princeton NuEnergy (PNE) secures $30 million in funding for lithium battery recycling. The low-temperature plasma-assisted separation (LPAS) course of, developed at Princeton University, produces battery-grade cathode and anode supplies for direct use in cell manufacturing.

From pv journal USA

PNE, a New Jersey-based specialist in direct lithium-ion battery recycling, introduced the closing of a Series A funding spherical with a strategic funding from Samsung Venture Investment Corp.

Founded out of Princeton University in 2019, PNE has developed a patented direct recycling expertise for lithium-ion batteries. The low-temperature plasma-assisted separation course of, labeled as LPAS, produces battery-grade cathode and anode supplies appropriate for direct reintroduction into cell manufacturing. The firm reviews that this recycling is completed at half the fee and 70% much less power intensive.

PNE is now commercializing a lithium-ion battery recycling course of that the corporate reviews recovers as much as 95% of the supplies present in all lithium-ion battery chemical compounds.

The restoration of lithium and different essential battery supplies is essential because the US ramps up manufacturing of electrical autos. While the United States taking steps in the direction of making batteriesit’s behind within the race for uncooked supplies as China reportedly holds a lot of the world’s lithium refining capability.

To promote lithium battery recycling, PNE has acquired over $55 million in grants, strategic and enterprise funding together with 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 spherical brings PNE’s Series A complete to $30 million. Samsung Venture and Helium-3 joined earlier buyers within the spherical. The funding will help PNE’s building of the primary standalone, full-scale direct battery recycling superior manufacturing facility.

“The unbelievable curiosity in our Series A spherical, which culminated in a strategic funding from Samsung Venture Investment Corporation and Helium-3 Ventures, speaks to the significance of supporting a round economic system for lithium battery manufacturing right here. within the US,” mentioned Dr. Chao Yan, co-founder and CEO of PNE. “This funding will allow us to implement and reveal our capabilities on a industrial scale, serving to America meet the rising demand for high-performance batteries whereas additionally creating high-quality clear jobs. power.”

PNE is called after Time Magazine “America’s Leading Greentech Company 2024”

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