Equinor Ventures invests in Green Li-ion
Equinor Ventures is pleased to announce an investment in Green Li-ion, a revolutionary lithium-ion battery recycling technology company based in Singapore.
Green Li-ion has raised USD 20.5 million in pre-series B funding led by Singapore-based decarbonization venture capital firm TRIREC, joined by Equinor Ventures, Thailand’s Smart Energy Solutions provider Banpu NEXT , and other investors.
Lithium-ion batteries are technologically difficult and expensive to recycle. This is why 95% of batteries end up in a landfill and new battery production depends on environmentally costly lithium mining. Green Li-ion has developed a novel technology that processes 100% of all used lithium batteries. It recycles and re-uses all metals to directly re-manufacture battery-grade cathode material ready for re-use in new batteries. Green Li-ion's technology installation will be among the first in the US to produce battery-grade precursor cathode active material (pCAM), graphite, and lithium carbonate from spent lithium-ion batteries. The new funding will help the company scale its manufacturing to deliver 50 Green Li-ion modular units per year. The company has raised a total of approximately USD$36 million to date.
Battery rejuvenation technology is a crucial part of the electrification journey as it solves a critical battery material supply crunch problem by reintroducing raw materials into the manufacturing process. This lowers the cost of producing new batteries and reduces emissions related to battery raw materials logistics.
Lars Klevjer, Head of Equinor Ventures, says “Equinor Ventures invests in and supports innovative companies in the energy transition. Green Li-ion is tackling an integral part of the battery value chain, and we are looking forward to collaborating with Green Li-ion and to be part of their exciting journey ahead”.