Li Industries, a Pineville, NC-based developer of lithium-ion battery recycling technologies, raised $36M in Series B funding.
The round was co-led by Bosch Ventures, Khosla Ventures and LG Tech Ventures with Formosa Smart Energy Tech Corp., Anglo American Decarbonization Ventures and Chevron Technology Ventures coming in as new investors. They joined existing investors Shell Ventures and Myriad Ventures.
Led by Dr. Zheng Li, co-founder and CEO, Li Industries is a climate tech company developing next-generation lithium-ion battery recycling technologies. The company has developed scalable direct recycling technologies for lithium-ion batteries from electric vehicles and consumer electronics. Its patented direct recycling process can recycle all types of lithium-ion batteries and generate high purity commercial-grade battery materials.
The company intends to use the funds to construct a 10,000 ton recycling facility powered by proprietary Direct Electrode-to-Electrode (Direct E2ETM) recycling technology.
This expansion builds on the Series A funding, which enabled the development of a 500-ton battery recycling facility in Pineville, NC, and a 1,000-ton battery sorting facility in Charlotte, NC.
