Li Industries, a Virginia-based closed-loop battery recycling solution provider, has raised USD 36 million in a Series B funding round led jointly by Bosch Ventures, Khosla Ventures, and LG Technology Ventures. Formosa Smart Energy Tech Corp, Anglo American Decarbonization Ventures, and Chevron Technology Ventures also participated alongside existing investors Shell Ventures and Myriad Ventures.
The funding will be used to construct a 10,000-ton recycling facility that utilizes Li Industries' proprietary Direct Electrode-to-Electrode (Direct E2ETM) recycling technology.
Analyst QuickTake: The company previously raised USD 7 million through a Series A funding round in August 2022 to support its expansion efforts. The company also reports that it intends to expand the funding round to USD 42 million.
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