Your old batteries aren’t going to waste anymore — meet NEU Battery Materials! Founded in 2021, this Singapore-based startup recycles old battery materials into new battery-grade lithium. And they just raised a $3.7M seed round!

Investor check. This round was led by SGInnovate. ComfortDelGro Ventures, Shift4Good, Paragon Ventures I, and other angel investors also joined in.

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⚡ Jolted by junk

It is estimated that by 2030, over 11M tons of used batteries will be part of global waste systems. While the EU’s goal is to recover 50% of lithium by 2027, they are currently only recovering 1%.

• But through their patented process, NEU is on their way to combat that!

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🔋 Power play

With just electricity and a few regenerative chemicals, NEU extracts valuable materials from used lithium ion (Li-ion) batteries and repurposes them into battery-grade lithium.

The lithium repurposed at the end of this process can be supplied back to battery manufacturers.

• NEU aims to add a new stage to the battery life cycle: recycling!
• Right now, they only recycle lithium iron phosphate (LFP) batteries, a type of Li-ion battery widely used in light-duty vehicles.

The best part? No toxic waste or harsh acids are produced in the process!

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🔌 Charging up production

What’s next for NEU? They’ll boost the rollout of their automated recycling process, which will help cut down on the need for human labor.

The company is also looking to drive more partnerships in key global markets, like with EV makers and battery producers to spread the use of their tech in transportation and mobility industries.

• They’ve also started research on recycling other types of lithium battery chemistries, like cobalt-based batteries also used in smart devices and EVs.