Green Li-Yon says its battery recycling machines are “the size of a small house,” so it’s no surprise the Singapore-based startup is looking to top up the cash. Before the latest round of funding, it had raised only about $15 million.
This week, Green Li-Yon announced a $20.5 million “Pre-Series B” round led by climate-tech investor TIREC. Other investors have also stepped in, including startup SOSV and Equinor Ventures (the VC arm of the Norwegian-owned fossil fuel giant).
The deal boosts Green Lee-Yeon’s post-money valuation to $187 million after three years, CEO Leon Farrant told TechCrunch. The startup’s logo is (you guessed it!) a green lion.
The new cash, which the company says can process “100% of all used lithium batteries” and extract the primary cathode active material that eventually goes into new lithium-ion batteries, will help produce the same amount of recycling technology startups do.
Lithium is in high demand and extracting the metal can be devastating to the environment, making recycling technology a critical tool for reducing the footprint of things like electric cars and storage for renewable energy.
Green does not use Li-ion batteries on its own; It licenses the technology to battery makers and recyclers, including Alleon and TS (owned by South Korea-based fossil fuel giant SK). Green Li-ion manufactures 50 recyclable units per year at two factories – one in Houston, Texas and the other in Singapore.
As for “Pre-Series B,” Farrant said the startup split its Series B into two parts, including the raise announced this week and another in nine months. “With our relatively low level of fundraising, the startup had to draw a line in the sand and raise the valuation for the big raise,” the founder added.