Princeton NuEnergy (PNE), a company specializing in recycling, repurposing, and commercializing lithium-ion battery materials, has announced the initial closing of its Series A funding round, raising $16 million. The round was led by Wistron Corporation, a Fortune Global 500 member and industry leader in electronics recycling services.
Additionally, new institutional investors participated in this round, including Honda Motor, GS Futures, and Traxys North America, joining previous investors Greenland Technologies, Shell Ventures, and WorldQuant Ventures, among others.
PNE will use the proceeds for new recycling facility construction and equipment procurement to further increase processing capacity and support company operations.
PNE’s flagship innovation is a low-temperature plasma-assisted separation process (LPAS), a patented technology that significantly reduces costs, environmental waste, and carbon emissions commonly associated with lithium-ion battery recycling. PNE’s approach enables higher critical material recovery rates and superior material performance compared with traditional recycling methodologies.
“As the world navigates the challenges of sustainable energy and responsible technology disposal, PNE remains dedicated to driving innovative solutions that have a positive impact,” said Chao Yan, PNE Founder and CEO. “This Series A funding round represents a major step towards realizing our vision of a cleaner, greener future through cutting-edge lithium-ion battery recycling technology. We are grateful for the support from our investors and partners and look forward to building upon the solid foundation we have built to date.”
In addition to the $16 million Series A and previous seed rounds totalling $7 million, PNE has been awarded multiple research grants for battery recycling from the U.S. Department of Energy, most recently for $12 million and $4.375 million. The Series A funding will fortify PNE’s commitments to reducing the nation’s reliance on foreign critical materials, expanding domestic manufacturing capabilities, and enhancing the creation of high-quality clean energy jobs in the U.S.
Filed Under: Technology News