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Princeton NuEnergy Secures $30 Million in Funding for Lithium Battery Recycling Efforts
Princeton NuEnergy Secures $30 Million in Funding for Lithium Battery Recycling Efforts

Princeton NuEnergy Secures $30 Million in Funding for Lithium Battery Recycling Efforts

  • 18-Jun-2024 5:36 PM
  • Journalist: Patrick Knight

Princeton NuEnergy (PNE), pioneering in direct recycling of lithium-ion batteries to advance America's circular economy, has concluded a Series A funding round with a strategic investment from Samsung Venture Investment Corporation, the corporate venture arm of Samsung known for backing groundbreaking technologies across various sectors, and Helium-3 Ventures. The strong investor interest in this oversubscribed round increased PNE's Series A funding to $30 million. Samsung Venture and Helium-3 Ventures join previous investors in the round, including Honda Motor Co. Ltd., LKQ Corporation, SCG Group, Traxys Group, and Wistron Corporation.

The funding will enable PNE to build its inaugural independent, full-scale advanced manufacturing facility for direct battery recycling, with details to be unveiled later this month. Overall, the company has secured more than $55 million, comprising several U.S. Department of Energy grants totaling $18 million and a $7.9 million seed and angel round.

Based on technology originating from Princeton University, PNE's pioneering innovation will play a crucial role in advancing the circular economy for battery recycling in the United States, ensuring that materials remain within the country's borders, moving from consumption through reuse, recycling, and remanufacturing processes.

PNE is advancing a lithium-ion battery recycling technology that is notably faster and more cost-effective compared to conventional methods. This innovative approach also achieves a significant reduction in environmental waste and carbon emissions, up to 70%. Unlike traditional methods that consume substantial power and water and often produce challenging-to-handle toxic byproducts, PNE's patented low-temperature, plasma-assisted separation process (LPAS™) can recover up to 95% of materials from all lithium-ion battery types. It also reduces energy consumption by 70% and cuts costs by over 40%.

"The strong interest in our Series A funding round, highlighted by strategic investments from Samsung Venture Investment Corporation and Helium-3 Ventures, underscores the significance of promoting a circular economy for lithium battery manufacturing in the United States," stated Dr. Chao Yan, Co-Founder and CEO of PNE. "This funding allows us to scale up and showcase our capabilities in commercial settings, contributing to America's efforts to satisfy increasing demands for high-performance batteries and fostering quality jobs in clean energy."

Princeton NuEnergy (PNE) is at the forefront of advanced manufacturing in lithium-ion battery direct recycling, advancing the circular economy for batteries in the United States. PNE is transforming the critical materials supply chain with its proprietary direct recycling technology for lithium-ion batteries. Utilizing their patented low-temperature plasma-assisted separation process (LPAS™), PNE generates battery-grade cathode and anode materials that can be directly reintegrated into cell manufacturing at a significantly reduced cost and environmental impact compared to conventional methods. The company has secured over $55 million in grants, strategic investments, and venture funding, including support from Honda Motor Co. Ltd., LKQ Corporation, Samsung Venture, Shell Venture, Traxys Group, Wistron Corporation, and the U.S. Department of Energy.

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