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Li Industries Raises Series B Funding to Expand Battery Recycling Technology

Li Industries Raises Series B Funding to Expand Battery Recycling Technology

Lee Industries announced the successful completion of a $36 million Series B funding round aimed at advancing its next-generation lithium-ion battery recycling technologies. Co-led by Bosch Ventures, Khosla Ventures, and LG Tech Ventures, the round underlines Formosa Smart Energy Tech Corp., Anglo American Decarbonization Ventures, and Chevron Technology Ventures as new investors, along with existing backers Shell Ventures and Myriad Ventures. . Growing interest in Li Industries' mission to revolutionize the sustainability of lithium-ion battery materials.

Led by Nobel Laureate Dr. M. Stanley Whittingham, Li Industries aims to provide highly circular, low-cost, and sustainable solutions for lithium-ion battery materials. The successful raise positions the company to raise the funding round to $42 million, bringing the total private funding to more than $50 million.

The funding will support the construction of a 10,000-ton recycling facility powered by Lee Industries' proprietary Direct Electrode-to-Electrode (Direct E2ETM) recycling technology. The expansion follows the company's Series A funding, which opened a 500-ton battery recycling facility in Pineville, NC and a 1,000-ton battery sorting facility in Charlotte, NC.

Dr. Zeng Li, Co-Founder and CEO of Li Industries, expressed his gratitude for the investors' support, highlighting their invaluable resources, experience, and commercial partnerships for scaling and commercializing Direct E2ETM technology. are important.

Ingo Ramesohl, Managing Director of Bosch Ventures, emphasized Li Industries' innovative and scalable solutions to address challenges in the Li-ion battery circular supply chain. In particular, Li Industries stands out as the first and only company in the US to use the unique Direct E2ETM recycling technology to economically and sustainably recycle low/cobalt batteries, such as Lithium Iron Phosphate (LFPs). Has the ability.

Anshul Agarwal, Managing Director, LG Technology Ventures, expressed his excitement for the partnership with Li Industries, which aims to develop a sustainable and efficient supply chain for lithium-ion battery manufacturing.

Rajesh Swaminathan, Partner, Khosla Ventures, highlighted Lee Industries' significant progress in crossing technical and commercial milestones, emphasized their solid foundation for further growth and continued investor support.

With this latest funding, Li Industries is well positioned to advance its mission to transform battery recycling and contribute to a more sustainable future for lithium-ion battery materials.

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