NEU Battery Materials, which recycles lithium iron phosphate (LFP) batteries, has closed a $7.6-million funding round to scale up LFP recycling. Venture capital firm Shift4Good and Singapore government-backed investor SGInnovate co-led the round.
The funding follows the commissioning of NEU’s 1,300-ton-per-year factory in Singapore. The capital will support the ramp-up of battery-grade lithium production from LFP feedstock such as cathode production scrap and end-of-life black mass, as well as the company’s international expansion. NEU also plans to further reduce production costs and expand its network of partners.
LFP accounts for over 90% of battery energy storage systems worldwide and over 55% of all EV batteries, according to the International Energy Agency.
NEU says its patented electrochemical redox targeting process, designed specifically for recycling LFP batteries, is a world first. The process is driven by electricity and water and uses regenerative chemicals. NEU says the process generates less waste and has up to 83% lower emissions than conventional recycling methods such as hydrometallurgy and pyrometallurgy.
“The funding will catalyse the scale-up and deployment of our modular LFP recycling technology, enabling us to expand the production of vital battery-grade lithium, and at progressively lower costs to our customers,” said Bryan Oh, co-founder and CEO of NEU Battery Materials.
“NEU plays a strategic role in the battery value chain, and we remain committed to supporting its growth,” said Hsien-Hui Tong, Executive Director of Investments at SGInnovate.
“LFP battery recycling is both a decarbonisation and an industrial sovereignty imperative,” said Sebastien Guillaud, co-founder and Managing Partner at Shift4Good.
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