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Princeton NuEnergy raises USD 30 million to support construction of battery recycling facility
Waste Recovery & Management Tech
Jun 17, 2024
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Waste Recovery & Management Tech

Waste Recovery & Management Tech

Jun 17, 2024

Princeton NuEnergy raises USD 30 million to support construction of battery recycling facility

Product updates

  • Princeton NuEnergy (PNE), a company that repurposes lithium-ion battery materials, has secured USD 30 million in a Series A funding round led by Samsung Venture Investment Corporation and Helium-3. Other participants included Honda Motor Co. Ltd., LKQ Corporation, SCG Group, Traxys Group, and Wistron Corporation. This brings PNE's total funding to over USD 55 million.

  • The funding will be invested in constructing PNE's first standalone, full-scale direct battery recycling advanced manufacturing facility. The company intends to disclose details about the location and launch later in July 2024.

  • Analyst QuickTake: The company also secured USD 10.3 million in May 2024 to support the construction of a manufacturing facility in the southeastern US. PNE’s technology, claimed to be a more energy-efficient and cost-effective recovery method for lithium-ion battery recycling, is a move toward onshoring the entire circular process for lithium-ion batteries in the US.

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